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General Motors to Invest $1 Billion in Brazil Operations — Money to Come from U.S. Rescue Program
Russ Dallen
Latin American Herald Tribune
Sunday, Nov 23, 2008
General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.
According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to “complete the renovation of the line of products up to 2012.”
“It wouldn’t be logical to withdraw the investment from where we’re growing, and our goal is to protect investments in emerging markets,” he said in a statement published by the business daily Gazeta Mercantil.
Meanwhile, he cut the company’s revenue forecast for this year by 14% to $9.5 billion from $11 billion, as the economic crisis began to cause rapid slowdowns in sales.
(ARTICLE CONTINUES BELOW)
GM already announced three programs of paid leave, and Ardila added that GM Brazil “is going to wait and see how the market behaves in order to know what decision to take” with regard to possible layoffs.
For Ardila, the injection in Brazil’s automobile sector of 8 billion reais ($3.51 billion) recently announced by the federal and state governments of Sao Paulo “has already begun to revive sales,” which fell by 12% in October.
The executive said that the company will operate a “conservative” scenario in 2009 with an estimated production of 2.6 million units, and another more “optimistic” that contemplates sales of 2.9 million.
This year sales will reach 2.85 million vehicles, which represents a growth of 15% over last year.
Russ Dallen with EFE in Sao Paulo
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12 Responses to “General Motors to Invest $1 Billion in Brazil Operations — Money to Come from U.S. Rescue Program”
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November 23rd, 2008 at 7:57 am
Would it be possible to also go ahead and sell China the very skin off of our asses? And if you believe in your God, let’s auction off our souls to them. Might as well. At this point there’s nothing left.
http://www.agoracosmopolitan.c.....02867.html
[quote]Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, China’s 21st Century Business Herald reports. LINK A National Enquirer the paper is not. It is one of China’s leading business newspapers, with a daily readership over three million]. This newspaper cites a senior official of China’s Ministry of Industry and Information Technology– the state regulator of China’s auto industry– who dropped the hint that “the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.” These hints are very often followed with quick action in the Middle Kingdom. The hints were dropped just a few days after the same Chinese government gave its auto makers the go-ahead to invest abroad. And why would they do that? …[/quote]
November 23rd, 2008 at 8:54 am
If the Chinese want to buy GM or Ford there is little we cn do to stop them. They are publicly traded companies and anyone can buy the stock. Inbev just bought Anheuser Busch.
Instead of coming down on the Chinese or Brazilians ( real owners of Inbev) we ought to look at them as being smart enough to see an opportunity for themselves.
The blame lands squarely on the government and management. The government destroyed the economy and put us into irreconcilable debt making our assets available at firesale prices. Past GM management sold out their future for next-quarter bonus money, A-B was just run by imbeciles, hopefully the Brazilians will be better caretakers.
As for GM and Ford, well maybe the Chinese will actually utilise the superior engineering GM and Ford have but accountants wo’t allow them to use. Maybe they’ll end sweetheart deals with the UAW like the “job bank” that pays people to play solitaire all day at $30/hour, and get back to making the best cars in the world. If the moron Harvard MBA’s won’t let the engineers do their jobs maybe the Chinese will.
November 23rd, 2008 at 11:50 am
You have a choice! You can buy an used car off joe anybody up the street and the money stays here, sure it might need to be fixed up a little… hey loe sixpack(lol) works right up the street at that local independant garage, money stays here. Dont buy Anhauser busch anyway its SHWILL. support youre local brewer,The beer is fresher,tastes better and once again,the money stays here…I could go on and on sorry, like Do you really need to shop at wallmart?…
November 23rd, 2008 at 1:44 pm
fuck that they should be forced to use the money on there division here in the US we are trying to stimulate our economy not brazils, besides that all these asshole company’s lining up for hand outs deserve to go belly up they dont deserve to be given our hard earned money its about survival of the fittest if a company is failing then fuck them they deserve to fail they dont deserve a bailout, they need to get the fuck out of the industry and make room for new blood.
November 23rd, 2008 at 2:43 pm
Yes the power of our economy is us! Just think of all the new jobs we can come up with to replace their bullshit jobs. Hey we can even make our own money. Not federal reserve notes. I think the Constitution provides for that. In fact federal reserve notes aren’t money, they are just “legal tender” per the highest law of the land that ALL public SERVANTS swear an oath to preserve, protect and uphold.
November 23rd, 2008 at 4:05 pm
Oh so now the US is supposed to PAY for the bailouts in OTHER countries as well? So TYPICAL!
These FAT PIG CEOS STEAL the company money then CRY POVERTY and use EXTORTION (job layoffs) if the American people do not pay to bail them out..But for them to use American tax dollars to bailout and save jobs in BRAZIL or any other country is WAY TOO FAR!
But also notice how the money is said to be used for RENOVATION. So now we are going to pay to REMODEL!!
Also, how much is GM going to PAY BACK to the tax payers if the bailout works?
How about a BAILOUT for all of the mom and pop companies..The small business sector provides MORE jobs as a whole than these corporations do.
For the BILLION they will give to these FAT PIGS to ride around in their private jets, they can save MILLIONS of small mom and pop business providing 100s of thousands of jobs verses 10s of thousands.
This is just MORE PROOF that this whole BAILOUT SCHEME is just a way to LOOT the AMERICAN PEOPLE and NOT save them.
Mark my words. These bailouts will hold off a FEW layoffs but approximately 3-6 months later EVERY single person will still be laid off but this time there will be even MORE layoffs.
In the end NO jobs will be saved.
If you need a better example just look at the airlines. They bailed them out after 911 and not only did they still layoff everyone, most of them were SOLD OFF to the few WOLVES.
This is all RAPE & LOTTING 101.
November 23rd, 2008 at 5:38 pm
Now that’s just shrewd as hell. I wonder if they’ll include that in their business plan they’ll submit to congress next month. I wonder if congress will even care.
November 23rd, 2008 at 8:29 pm
THE FEDERAL RESERVE MUST GO.THEY ARE MAKEING CLOWNS OF CONGRESS AND THE AMERICAN SHEEP.HAVE NO FEAR BAROCK O CLINTON WILL SAVE US HA HA HA HA , I AM SURE THE PEOPLE THAT RUN THE CENTRAL BANKS HAVE REMINDED HIM WHAT HAPPEND TO J.F.K WHEN HE PROPOSED GETTING RID OF THE FEDERAL RESERVE.BRING WALL STREET CRIMINALS DOWN DONT BUY NEW FOR THE HOLIDAYS,BUY GOODW[LL OR SALIVATION ARMY THEY DO A GOOD JOB.KEEP THE SHIPS IN CHINA NO MORE CHEAP CRAP THAT IS THROW AWAY JUNK.
November 24th, 2008 at 3:54 am
No doubt, the automakers are slated for a quiet Chinese takeover. But what we are seeing here is a series of “in-your-face” maneuvers brought on by the elite to counter any protest they may have received over the past ten years. Let’s face it, they are not going to sit idly by and be embarrassed by a bunch of nobody amateur reporters on the internet. The numbers who are on to their shit are growing and they are making their move….not only to push the program forward, but to shove it up our asses with a clear message that there isn’t a damn thing we can do to stop them.
November 24th, 2008 at 8:08 am
ONE OF THESE DAYS I AM GONNA GET MINE-you crooked bastards in government-hope a bird shits you before you get to the cave-enough-if you make peasants of the people-in the end peasants will rule-dont you understand that-each crimminal act that you bastards approve enrage the people-the fire uder the pot is getting unbearable-keep on committing crimes and judgement day is at hand-a founding father did not say that-i said that
November 24th, 2008 at 9:29 am
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
–The Cornbread Mafia
http://www.youtube.com/watch?v=uw5dP5gy2Vs