GM Sets Record Loss For U.S. Automaker - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 15 Old 02-12-2008, 06:44 AM Thread Starter
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GM Sets Record Loss For U.S. Automaker

I heard this on the news this morning.
Honestly I thought GM was in better shape. Maybe this is part of the reason for the recent RWD platform shakeup...





Top Automaker Lost $38.7B In 2007

POSTED: 7:11 am EST February 12, 2008
UPDATED: 7:24 am EST February 12, 2008


General Motors Corp. is reporting the largest annual loss ever for a U.S. automotive company.

GM said Tuesday it lost $38.7 billion in 2007. The loss largely was due to a third-quarter charge related to unused tax credits.

The loss topped the previous record GM set in 1992, when it lost $23.4 billion. That's according to Standard & Poor's Compustat.

GM said its automotive business saw record revenues of $178 billion in 2007. That's up $7 billion from a year ago thanks to growth in emerging markets and favorable exchange rates.

But GM's North American division continued to struggle, posting a $1.5 billion loss for the year.

GM Offers Buyouts

General Motors Corp. is offering a new round of buyouts to 74,000 U.S. hourly workers, the top American automaker announced Tuesday.

GM will give workers several choices. Retirement-eligible workers will get between $45,000 and $62,500 as an incentive to retire, depending on their skill level. Younger workers can get up to $140,000 if they leave and cut all ties with the company.

In December 2007, GM and the United Auto Workers union reached an agreement on what the company was calling the first phase of a comprehensive special attrition program. Details of this program were rolled out to employees at select locations last month. Those employees are now eligible for the enhanced provisions of the new agreement.

"We've worked with our UAW partners to ensure our employees have a variety of attractive options to consider," said Rick Wagoner, GM Chairman and CEO. "The special attrition program is an important initiative that will help us transform the workforce."

GM said it expects the majority of workers to leave by July 1.

Ford Motor Co. and Chrysler LLC already have announced similar buyout programs.

http://www.thebostonchannel.com/auto...46/detail.html

Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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post #2 of 15 Old 02-12-2008, 07:06 AM
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They set a lot of things strait this past year. Remember the accounting issue they had earlier that year? I think they went ahead and took the whole loss in 2007 rather than spreading it out over the years. Also the union thing that helped GM sometim last year.

I think 2008 will be a 360 for GM, hopefully.

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post #3 of 15 Old 02-12-2008, 07:11 AM Thread Starter
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Quote:
Originally Posted by brandonppr View Post
They set a lot of things strait this past year. Remember the accounting issue they had earlier that year? I think they went ahead and took the whole loss in 2007 rather than spreading it out over the years. Also the union thing that helped GM sometim last year.

I think 2008 will be a 360 for GM, hopefully.
Yeah, this is a good sign:

Quote:
GM said its automotive business saw record revenues of $178 billion in 2007. That's up $7 billion from a year ago thanks to growth in emerging markets and favorable exchange rates.
2007 was supposed to be the turnaround year and they were doing that, so we thought...

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post #4 of 15 Old 02-12-2008, 07:45 AM
 
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I think the next couple of years are gonna be turn around years for GM. It won't happen overnight.
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post #5 of 15 Old 02-12-2008, 09:17 AM
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I think the next couple of years are gonna be turn around years for GM. It won't happen overnight.



That's a BIG ship changing course.

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post #6 of 15 Old 02-12-2008, 11:08 AM
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Quote:
The loss largely was due to a third-quarter charge related to unused tax credits.
Largely? More like COMPLETELY.
If you remember, that charge was $39 Billion.

Take away that charge, and they showed a profit.

You'll note that in GM's core auto business, revenue was up, and profit was up.
That's what counts.

The turnaround is still in full force.

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post #7 of 15 Old 02-12-2008, 11:50 AM
 
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$38.7 BILLION LOSS IN 2007: GM offers new buyout program

General Motors Corp. today reported a net loss of $38.7 billion today, making 2007 the worst year on record for the world's largest automaker. The company also announced yet another sweeping buyout program to all of its 74,000 hourly workers who are represented by the UAW.

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post #8 of 15 Old 02-12-2008, 06:54 PM
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just remember to thank every Toyota and Honda buyer out there for our wonderful economy..buying a foreign car is one of if not the biggest mistake we as Americans can do to our way of life and it does not matter if that car was "made" here in the U.S. the damage is less but still the same.

Gotta start supporting the home products..

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post #9 of 15 Old 02-12-2008, 07:26 PM
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Originally Posted by Z28 Autobot View Post
just remember to thank every Toyota and Honda buyer out there for our wonderful economy..buying a foreign car is one of if not the biggest mistake we as Americans can do to our way of life and it does not matter if that car was "made" here in the U.S. the damage is less but still the same.

Gotta start supporting the home products..
That's ***ing nonsense. Don't spout that crap without backing it up. Show some numbers, do some research. The BIGGEST mistake we make is relying so heavily on Chinese imports. Cars are just a flash in the pan compared to our dependence on Chinese imports and our national debt. Have you noticed our dollar ain't worth ****? THAT'S why our economy if failing. Stupid f'n nonsense. Back it up, or shut it up.
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post #10 of 15 Old 02-12-2008, 07:44 PM
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Quote:
Originally Posted by brandonppr View Post

I think 2008 will be a 180 for GM, hopefully.
Fixed. LOL.


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