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GM Not Seeing Signs of U.S. Recovery, Wagoner Says
Jeff Green
Bloomberg
Sunday, Aug 17, 2008
General Motors Corp. Chief Executive Officer Rick Wagoner said he’s not yet seeing signs of a recovery in the U.S. economy or in vehicle sales following the recent decline in oil prices.
“It still feels to me like we’re in it,” the CEO of the world’s largest automaker said, referring to the sluggish economy that helped push GM to $15.5 billion in losses in the second quarter. He was speaking at the Athens Coney Island restaurant in Royal Oak, Michigan, after leading a morning parade of classic GM cars from the past 100 years.
Wagoner is trying to increase cash by at least $15 billion before the end of next year to pay the bills while he works to recover sales lost to Toyota Motor Corp. and Honda Motor Co. GM’s U.S. market share is the lowest since 1925 and the Detroit automaker has lost $69.8 billion since 2004, its last profitable year.
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The automaker may seek to modify the structure of financing necessary to create a fund in 2010 to rid itself of future union retiree health-care costs, Wagoner said today. GM already reached an agreement to delay some cash payments and other cash payments might be modified, without delaying the implementation of the fund, he said. GM Chief Financial Officer Ray Young also said Aug. 13 that GM may need to restructure the financing of the fund that will save GM $3 billion a year after 2010.
“I wouldn’t rule it out if it made sense for everyone to look at that,” Wagoner said.
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12 Responses to “GM Not Seeing Signs of U.S. Recovery, Wagoner Says”
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August 17th, 2008 at 5:58 am
The United States Big three automakers will declare chapter 11 bankruptcy within three years. This will be one of the signs of the next depression comming up. It will cause thousands of other businesses to fall. The U.S. Government will not be able to save them. Even if they could they should not. These companies are selling unreliable gas guzzleing junk. There are exceptional car models but not many.
August 17th, 2008 at 6:45 am
Hello GM. Why do you constantly keep attempting to hide your true objective from the your employees & the public?
Oh, I suppose it’s because you can rely on the fact that most people are stupid & don’t pay attention.
Inch by inch, step by step, you continue to reduce the compensation of the workers who produce your products.
Disgusting…
August 17th, 2008 at 9:50 am
GM is the next big chap 11,followed by the FoMoCo.Chrysler isnt really a ‘Big 3′ IMO…anyway i got lots of family thats been axed by those guys,’forced retirement’ ‘early retirements’ ‘transfer offers’ etc.All of them line monkeys,none of them knew any “salaried” folks…just something to make it appear they care,they say “across the board cuts” BULLS__T…They got rid of these guys ‘cuz they been there a couple decades and were doing ‘good’ monetarily…Joe New Guy(that hasnt been automated out)makes about a third what the veteren emps make
August 17th, 2008 at 11:23 am
GM the days of selling junk are over the people are wise to it so grow up and sell something great for a change or get lost to history
August 17th, 2008 at 11:32 am
blind americans driveing cars with satanic symbols on them time for the americans to wake up all cars have them time for something new think what would Jesus buy ? i think not from any of the big 3 or a car with a satanic symbol on it yep
August 17th, 2008 at 10:29 pm
CAN WE PLEASE, PLEASE, GET OUR ASSES OFF OF OIL?!
Seriously, we literally have the technology to run this country
on CLEAN ENERGY NOW. It’s the vested interest that want
to keep YOUR ass inside an internal combustion pollution machine.
(a.k.a gas vehicle) Not to mention a war making, misery creating, baby killing, environmental terror. ALSO, AM I THE ONLY ONE WHO IS SICK AND F’ING TIRED OF BREATHING IN POLLUTED AIR?!
SO F GM AND THEIR FUEL INNEFFICIENT POLLUTION MACHINES. I drive a Honda certified ULEV – (ultra low emmission vehicle) And I feel guilty I’m not driving a hybrid ULEV.
August 17th, 2008 at 10:38 pm
Why did it take GM like 30 years to catch on to what HONDA and TOYOTA always did. High quality, fuel efficient and now very low pollution vehicles. It’s a no brainer why they are doing so bad.
ALSO…..
CAN WE PLEASE, PLEASE, GET OUR ASSES OFF OF OIL?! IT SEEMS TO BE THE ROOT OR EVERY PROBLEM WE HAVE ON EARTH NOW. THINK ABOUT IT.
Seriously, we literally have the technology to run this country
on CLEAN ENERGY NOW. It’s the vested interest that want
to keep YOUR ass inside an internal combustion pollution machine.
(a.k.a gas vehicle) Not to mention a war making, misery creating, baby killing, environmental terror. ALSO, AM I THE ONLY ONE WHO IS SICK AND F’ING TIRED OF BREATHING IN POLLUTED AIR?!
SO F GM AND THEIR FUEL INNEFFICIENT POLLUTION MACHINES. I drive a Honda certified ULEV – (ultra low emmission vehicle) And I feel guilty I’m not driving a hybrid ULEV.
August 18th, 2008 at 4:12 am
The car companies must own stock or be on the boards of oil companies. Right now Chrysler, which is owned by Cyrebus, has a new model 2009 launch of the RAM DS. It’s a big ole gas sucking hemi engine.
The Nafta super highway is gigantic, four football fields wide and goes from Mexico to Canada and is owned by the King of Spain. I kinda think Chrysler is owned by the Saudis. Any whoo, there is plenty of crude oil. I have a friend whose two kids keep track of how much is in the United States. Enough for 100 years. That’s just in the U.S. Russia has drilled deeper than anyone else and hit huge pockets of crude. Check out Lindsey Williams book, “The Non Energy Crises”, you will be shocked. The “peak oil” is a load of hooey.
August 18th, 2008 at 6:52 am
Some of you are just so naive. It doesn’t matter whether we’re still using oil or some other resource, our money will still be drained from our pockets and we’ll still die for nothing. Long live surfdom.
August 18th, 2008 at 3:45 pm
the globalists executives have looted GM,Ford and Chrysler[again]all by design as they are now but bankrupt empty vessels that will be forced to move any remaining mfg. operations overseas to survive which will further decimate America and her economy until we are a completely industrially gutted lifeless shell with the remains left on life support as a 100% service & entitlement 3rd world economy..
August 18th, 2008 at 6:01 pm
I am glad this is happening GM has benn ripping off good hard working people long enough they arent even american they are part of the nwo overseas banks are the real owners anyways empower yourself and dont drive a car at all save alot of money im glad this is going to happen Jesus will bring his sword and babylon will fall
August 18th, 2008 at 6:56 pm
Perhaps Rick Wagoner should talk with Corporate Media and convince them not to broadcast opinions by Consumer Reports and others. Just yesterday CNN had these guys on with their “best and worst” cars. Obviously GM and any other American automaker will continue to decline when they get derailed on the networks where 99% of Americans acquire their appetites for more new “stuff” including cars. Toyota and “Lexus”, Nissan and “Infinity”, Honda and “Acura”, Volkswagen, and even Porsche are and will continue to be the top vehicles when those whose pursue the death of American workers have their constant say on the propaganda tube.
I was quite surprised Hyundai had a vehicle in the bottom 5 though…I’m assuming they threw that in just to add in their limited amount of truth to the discussion for fear that we’d all call them out if we felt they had been completely 100% biased.