Zastava_101

http://www.autoblog.com/2008/11/07/g...asks-for-help/

General Motors burned through $6.9 billion of its cash reserves during Q3 '08, which reduces its bank account from $21 billion at the end of Q2 to $16.2 billion today. That's barely enough for such a big automaker to survive the coming winter.

GT5088

wow....something has to give.

Hollywood_North GT

I doubt they will survive the coming winter, personally.

Zastava_101

Government will make they survive.

Hollywood_North GT

Very likely, yes. Though I'm not sure that strategy will force them to make the decisions that are in their long-term interests, specifically getting rid of redundant vehicles and product lines.

GT5088

they need to do that...recently, my mother was hit broadside in her 2006 wrangler, rendering it totalled...my father purchases all GM vehicles for his construction company, and took my mother to a local GM dealership that sells every line GM offers, except Saab....I couldn't believe how many different "Manufacturers" have the same exact vehicle with different badging, and minor grill differences.... wasteful.

But, I do like GMC trucks much better than Ford trucks, hence why I own a Sierra. But, it doesn't mean they are a better run automobile company.

97svtgoin05gt

GM stock PLUMMETS 22.3% to its lowest low since 1946 $3.39. Perhaps we'll be able to wave to the general as he passes us on the way down. This is all really quite sad. Their cash position is apparently VERY leveraged. Someone bring in the corporate respirator please.

mr-mstng

If they don't get cash soon, they are toast. Chrysler may already be toast, but since its privately held, we don't know for sure.

bt4

Things are not looking too good right now for GM. Hollywood might be right--they may not have the cash to make it to the end of the year...

http://www.bloomberg.com/apps/news?p...vZ8&refer=home

The way the Bloomberg article reads, Chapter 11 may not be an option.

Knight

General Motors needs to be demoted to Private Motors....

Hollywood_North GT

I think that article really sums it up. GM has already begun to fall over the cliff, and without a government (aka "Socialist") bailout from Congress, they're finished for good.

Strange to say it, but a failure of GM will make things tougher for Ford in the short term.

Knight

If General goes down, at least Ford can Claim #2 automaker again.

Hollywood_North GT

If GM goes down there will be serious shock waves through not only the entire domestic auto sector, but the entire country.

svopaul

Try the entire world....GM does not only exist in the U.S.

Years of mismanagement have brought this upon themselves.

Hollywood_North GT

I'm sorry to say you're right. Unfair trade practices and legacy costs contributed, too, but the biggest problems were poor management, bad planning and short-term vision.

And you raise an interesting point: what happens to Vauxhall, Opel and the like...?

Zastava_101

Vauxhall is just re-badged Opel and Holden.

I don't think anyone would miss it.

Hollywood_North GT

Not here they wouldn't. But Europe might be different.

And I think Vauxhall and Opel are quite different, aren't they? I know Vauxhall does rebadge some Holdens, though.

Zastava_101

Vauxhall Aglia, Astra, Corsa, Insignia, Zafira, Vectra, Meriva and all vans are all Opels.

Only Vauxhall that's not Opel is VXR8 which is Holden.

StillenMustang07

I heard last night on the news that failure of any one of the big 3 auto makers would likely cause the loss of at least 2.5 million jobs in the U.S. alone. I didnt believe what I heard - had to rewind it (DVR) to listen to it again to make sure. It would affect not only those employed directly with the manufacturer directly, but all of the other business that supply products and services (not to mention the aftermarket). Would be a HUGE loss.

Hollywood_North GT

Yes it would.

Not to mention that after watching last Sunday's Top Gear, those three American cars (two GMs and a Chrysler) looked terrific - and the boys had completely warmed to them by the end of the episode, calling all three "good cars."

The problem is, they should have started building good cars 15 years earlier, focused more on efficient passenger vehicles, and poured the same level of passion into those bread & butter cars that they are now pouring into cars like the Challenger, CTS and Corvette.

Day late and a dollar short.