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Supporter of common sense
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Discussion Starter #1
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/automotive/15278246/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 This material may not be published, broadcast, rewritten or redistributed.
 

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Supporting Super Moderator
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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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Supporter of common sense
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Discussion Starter #3
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:

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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ModernCamaro.com Founder / Former Camaro Disciple
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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. :cool:
 

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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.

More...
 

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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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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 fcking 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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really?? ....I Dont have to "back it up" its out there..I am not going to post facts and numbers to appease your ego of what you think. I KNOW that buying a Toyota is a huge mistake to our economy..Toyota is #1 in the world. Just took Fords spot in OUR country..the #2 car maker is foreign? Are you kidding me? That is not bad for our dollar?
Take a real hard look around and look at Japan..dont see Chevy or Ford at #2 over there do you, heck do you see any GM plants over in Japan? No??..do you do not see thousands of jobs being lost every day, plants closing..no you see more import car companies comming here building new plants while our long standing factories with millions of jobs that hindged on its life lay dormant and the cities are crime ridden and people live in slums...sure I could go into a long tiraid about the big picture and how we are to blame in part but the other part is our selling out..but the thing is we are doing it to ourselves..relying on other countries products and economy to drive ours? You kidding me? Do you know how much of the Asian countries have invested in us..how much Japan along with China basically own our nut sack ..dont tell me to back it up when I know what I am talking about and have for a real long time...I was reffering to the car area of this problem..China is a huge problem and in 10 years were going to have a huge problem with them if we do not figure out what to do at home...I do not have blinders on man and I know that anything that is not made by and for the U.S makes us weaker every day..
 

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and you know just to put the China side to it..over last Thanksgiving I had to go find a potato masher..a simple masher..went to 3 stores and not one was made in the U.S. all were made in China I must of looked at 15 mashers..a simple peice of metal and plastic and we can not make it? we have to have China make it? That pisses me off to no end. To help create a feast for my family in my own country I had to rely on a peice of metal from China..I even thought the higher end 7-10 dollar ones would be from some place other than but nope..even the name brand were made in China..that is sad..and to go back to the comment I made and this is what I am getting at..you can go out and buy an American car from an American company..that is easy and you can choose to do that or buy an import..you are forced to buy products made in China as it is very hard to find the home alternative and getting harder every day...and I said it is one..if not..biggest mistakes..sure Chinas growing economy on our shores is the realistic every day impact..:mad:
 

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Bullcocka you don't have to back it up. Show a number that gives some idea of the economic impact, otherwise you're spouting zealot paranoid nonsense. You're fostering this idea that Toyota and Honda are evil and buying one is unAmerican. Back that sht up or shut your mouth. Refusing a simple rebute by saying you don't have to "feed my ego" certainly doesn't make you look anymore right. PROVE ME WRONG or STFU.
 

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Bullcocka you don't have to back it up..
exactly...I don't..I love when the "show me numbers and facts" gets shouted..numbers? Hows Toyota doing and Japans economy? Hows our home industry doing and our economy? Just look out your window..and no it is you that said its "unAmerican" I said its hurting our economy buying these products..
 
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