tireman1554

No reason for America to be in other countries selling American products either. Stop selling foreign crap here and there would be a market again for Buick.

hyperv6

Spring hill make engines for all brands. The Eco Turbo is Spring hill and the 2.2 and 3.4 is NY.

I think they will only moth ball the priduction line there because of over capacity. The engine plant may stay on line. I have not heard the details yet.

hyperv6

Sorry but we are now in a global market like or not. If you only selll only in our country you will have to do with out many products we no longer or never produced. As for selling else where if you give up large markets like China you will be giving other countries the ability to out perform our economy by opening up more buyers than we will ever see.

The short of it all is we will have to work harder and better now in this country. We have been having it easy and now have to get back to the kind of work it takes to compete.

Sno White

Although I don’t agree with it, here is a link some of you will have fun with:

http://site.despair.com/governmentmotors/

Found it on another automotive forum.

Cokeybill

At what cost, minimum wage.

ChevyMgr

General Motors Likely to Have Last Laugh at Critics

By Warren Brown
The Washington Post
Sunday, June 7, 2009

CORNWALL, N.Y.

Dear readers:

After 33 years at The Washington Post, I am taking the company's latest, and possibly its last buyout offer. That means I'll be signing off from duty as a full-time Washington Post staff writer, which will result in the probable end of the "Car Culture" column on these pages.
.............
A perfect example of that nonsense is the piece published by my brother scribe, Eugene Robinson, on June 2 ("Our Car Company: We All Own GM. Just Don't Bet on a Happy Ending").

My only agreement with that column is the assertion "we all own GM."

We owned General Motors in World War II and in the Korean conflict when we needed it to build tanks and other weapons of limited destruction.

We owned it when we needed it to help build what once was the free world's strongest middle class.
.............
Here's the deal, point-by-point:


-- GM was darned smart to hold on to Buick, because Buick is a globally strong brand, the leading automotive brand in China, which happens to be the world's fastest-growing automobile market.


-- China's vehicle-manufacturing industry can absorb the Hummer brand -- which, GM says, a Chinese heavy-equipment maker has already agreed to do -- and then export Hummer products back to these shores, where, despite the opinions of editorial writers who have never driven or understood that model, there exists a loyal market for mightier-than-thou sport-utility vehicles.


-- Chevrolet and Cadillac are globally strong brands -- with each fully capable of tit-for-tat combat in international markets in their respective midstream family and luxury vehicle segments.


-- It is arguable that GM should have kept its GMC truck group. In terms of technology and platform engineering, Chevrolet carries the same trucks as GMC. But, through the magic of computer-assisted design, vehicles sharing the same basic underpinnings can be made to appeal to completely different buyers. That is the case with Chevrolet and GMC, just as it is with Toyota and its Lexus group, Honda and its Acura group, Nissan and its Infiniti group, Hyundai and its Kia group, and Volkswagen and its Audi group.

Full Story:
http://www.washingtonpost.com/wp-dyn...pinion/columns

urbexHHR

Aw...that guy is retiring? I always loved reading his columns in the AP.

HHRome

From NYSE-GM news:"The current chairman of GM Fritz Hendersonha announced a programme to reduce the costs of pensions for former leaders.
The unit of these cuts can reach two-thirds of the annual allowance and it shall concern pensions exceeding the 140 thousand dollars (around 100 thousand euro). Henderson stated that at the time not is no this decision was taken your predecessor, Rick Wagoner, who has worked to the General Motors for 31 years".
If this comes true it could be a significant step, the awareness to look more directly the problems relating to the whole of the car market induced

ChevyMgr

News
For Release: July 6, 2009, 2:30 a.m. Eastern time
General Motors Corporation
GM Communications
Detroit, Mich., USA

GM 363 Asset Sale Approved by U.S. Bankruptcy Court Approval marks another step toward the launch of an independent new GM
NEW YORK – General Motors achieved another milestone in its reinvention last night when Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York approved the sale of substantially all of General Motors Corporation’s assets to NGMCO, Inc., an entity funded by the U.S. Department of the Treasury. In connection with the closing of the sale transaction, NGMCO, Inc. will change its name to General Motors Company and continue to operate under GM’s historic corporate and sub brands. The approval marks another step toward the launch of an independent new GM. The new company will acquire GM’s strongest operations and will have a competitive operating cost structure, partly as a result of recent agreements with the United Auto Workers (UAW) and Canadian Auto Workers (CAW). The new GM will have lower leverage and a stronger balance sheet, which when combined with a lower break-even point, will allow it to reduce its risk, operate profitably at much lower volume levels, and to reinvest in the business in the key areas of advanced technology and product development. GM’s subsidiaries outside the United States will be acquired by the new company and are expected to continue to operate without interruption.
The new GM will be headquartered in Detroit and will be led by Fritz Henderson as president and chief executive officer and Edward E. Whitacre, Jr. as chairman of the board of directors.
“A healthy domestic auto industry remains vital to the global economy and we deeply appreciate the support the U.S., Canadian and Ontario governments and taxpayers have given GM, and the sacrifices that have been made by so many. This has been an especially challenging period, and we’ve had to make very difficult decisions to address some of the issues that have plagued our business for decades. Now it’s our responsibility to fix this business and place the company on a clear path to success without delay,” said Henderson.
The new GM’s common stock will be owned by:
 U.S. Department of the Treasury: 60.8 percent
 UAW Retiree Medical Benefits Trust: 17.5 percent
 Canada and Ontario governments: 11.7 percent
 The old GM: 10 percent
Additionally, the old GM and the UAW Retiree Medical Benefits Trust will hold warrants that are exercisable for 15 percent and 2.5 percent of the interests in the new GM, respectively.
The UAW Retiree Medical Benefits Trust and the Canadian government each may nominate one member to serve on the board of the new GM. The retiree benefits trust has selected seasoned auto industry analyst Stephen Girsky. Also selected to serve on the board of directors of the new GM are six current members of the General Motors Corporation board, including Erroll Davis, Neville Isdell, Kent Kresa, Philip Laskawy, Kathryn Marinello and Fritz Henderson. The Canadian government representative and four additional board members to be identified by the U.S. Treasury will be announced at a later date.
Judge Gerber's order includes a four-day stay before closing of the sale can occur. However, GM expects the sale to close in the near future. The new GM’s business is expected to be immediately operational and fully competitive, with an exciting line of new products, a smaller, more focused brand portfolio and the rationalization of its dealer network well underway. Current GM employees will be offered positions by the new company.
In connection with the closing, the current General Motors Corporation will change its name to Motors Liquidation Company. Retained assets will be wound down or sold. A new board of directors will oversee that process and the liquidation of the company under the supervision of the Bankruptcy Court.
# # #
Forward Looking Language
This news release and management's comments on it contain “forward-looking statements.” These statements are based on GM management's current expectations and assumptions, and as such involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those that we now anticipate – both in connection with the chapter 11 filings we made on June 1, 2009 and GM's business and financial prospects. We believe our judgments about these possible future events are reasonable, but actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to complete the 363 sale on our expected timeline; the ability of our foreign subsidiaries to restructure, enter into the new investment arrangements they have announced, and receive other financial support from their local governments; our ability to build consumers’ confidence in our viability following Chapter 11 proceedings and to continue to attract customers, particularly for our new products; our ability to continue to sell, spin-off or phase out some of our brands, to manage the distribution channels for our products, and to complete other planned asset sales; and the overall strength and stability of general economic conditions and of the automotive industry, both in the U.S. and globally. Those risks are described in GM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008 which was filed March 5, 2009, GM’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009 which was filed on May 8, 2009, GM’s Current Reports on Form 8-K and other GM filings with the Securities and Exchange Commission.

urbexHHR

So basically, General Motors is done. Gone. A new company bought them out, and then re-named themselves General Motors, so in a sense it's a new company, owned by the Department of Treasury, and run by a few of the same people in the same building?

This stuff is confusing....