Rough Financial News for GM - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 7 Old 11-07-2007, 09:14 AM Thread Starter
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Rough Financial News for GM

Well, GM posted their worst loss (because of accounting issues, not sales).

http://money.cnn.com/2007/11/07/news...ion=2007110709

The good news is that Wagoner sounds optimistic, and posting these losses now opens them up to make a windfall when the new Camaro hits dealers. With all the new cars they have coming out soon, they have to be happy that they are on the way up.

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post #2 of 7 Old 11-07-2007, 10:59 AM
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That's a hell of a hit.
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post #3 of 7 Old 11-07-2007, 03:19 PM
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It is a huge hit, but it's an accounting issue... which I don't really understand.
So it's not a result of how their automotive business is going.

They probably could've spread it out over multiple quarters, but this way it's all done and over with, which is better in the long run.

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post #4 of 7 Old 11-07-2007, 03:42 PM
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crap

I agree go ahead and get if over with.

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post #5 of 7 Old 11-07-2007, 05:39 PM
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I thought they're #1 sales again? DOES NOT COMPUTE.



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post #6 of 7 Old 11-12-2007, 07:15 PM
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They're on top in sales, but (correct me if I'm wrong) it looks like they did alot of investing in new car lines and thats where the loss comes from. Other words, expenses for the quarter were more than the income.

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post #7 of 7 Old 11-12-2007, 07:33 PM
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The $39billion loss is an asset reduction, related to the UAW/GM deal.
I really can't explain it because I don't know jack about accounting issues, but that's what it was.
Totally unrelated to their car business.

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