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post #1 of 16 (permalink) Old 01-26-2006, 06:13 PM Thread Starter
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GM Posts Spectacular Loss

Wow... they took a match to nearly $9 Billion last year! Oh well, it's only money [:)]

January 26, 2006
G.M. Reports Big Losses as Its Woes Grow
By MICHELINE MAYNARD and VIKAS BAJAJ (NYT)

DETROIT, Jan. 24 — The General Motors Corporation reported today that it lost $8.6 billion in 2005, when it kicked off restructuring efforts meant to help it reverse a string of losses and face relentless industry competition.

In North America, G.M. lost more than $5 billion on its automotive operations, as sales of sport utility vehicles fell, advertising expenses rose and the company faced even higher costs for heath care expenses.

Much of G.M.'s annual loss came in the fourth quarter, when the automaker lost $4.8 billion.

The loss for 2005 was G.M.'s largest since 1992, when the company's management was ousted in a boardroom coup and G.M. was in danger of seeking bankruptcy protection. That year, G.M. lost $23.5 billion, in part because of accounting requirements that companies estimate future costs for their retirees.

In contrast to the 2005 loss, G.M. earned $2.8 billion in 2004.

G.M.'s results came four days after the Ford Motor Company announced it would close 14 factories over the next six years and eliminate as many as 30,000 jobs.

G.M. made a similar announcement in late November, when it said it, too, would cut 30,000 jobs and close all or part of 12 factories.

Together with the Chrysler Corporation, which went through its own restructuring plan earlier this decade, the Big Three American automakers have cut 140,000 jobs since 2000.

The news this week from G.M. and Ford "is the sad story of two armies in retreat, a retreat that is feeling more and more like a rout," said James P. Womack, an author and specialist in manufacturing efficiency.

Both G.M. and its cross-town rival Ford have found themselves squeezed by two powerful forces: intense competition from foreign companies like Toyota, and rising costs for both labor and materials such as steel.

Toyota, in fact, is challenging G.M. for the title of the world's biggest automaker, which it could claim as soon as this year. In contrast to G.M., Toyota has said it expects its profits for the year ending in March to exceed the $11 billion it earned the year before...

http://www.nytimes.com/2006/01/26/business/26cnd-gm.html


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post #2 of 16 (permalink) Old 01-26-2006, 06:17 PM
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RE: GM Posts Spectacular Loss

You're just going to lure that idiot back here you know.

That's a pretty big loss. Oh well, like you said, it's just money.

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post #3 of 16 (permalink) Old 01-26-2006, 06:19 PM
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RE: GM Posts Spectacular Loss

Thanks to Japan and Korea! and soon China!

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post #4 of 16 (permalink) Old 01-26-2006, 06:21 PM
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RE: GM Posts Spectacular Loss

a few billions, so what!
post #5 of 16 (permalink) Old 01-26-2006, 06:27 PM
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RE: GM Posts Spectacular Loss

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GMISBEST. - 1/26/2006 8:21 PM

a few billions, so what!
Oh your still alive? Damm

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post #6 of 16 (permalink) Old 01-26-2006, 07:49 PM Thread Starter
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RE: GM Posts Spectacular Loss

Quote:
asianml - 1/26/2006 8:17 PM

You're just going to lure that idiot back here you know.
That, I would never do.

He was already here, if you'd checked you would know.

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post #7 of 16 (permalink) Old 01-26-2006, 08:17 PM
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RE: GM Posts Spectacular Loss

Quote:
Marsden - 1/26/2006 6:49 PM

Quote:
asianml - 1/26/2006 8:17 PM

You're just going to lure that idiot back here you know.
That, I would never do.

He was already here, if you'd checked you would know.
check yourself be4 you reck yourself.

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post #8 of 16 (permalink) Old 01-26-2006, 09:53 PM
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RE: GM Posts Spectacular Loss

Quote:
Morpheus - 1/26/2006 8:19 PM

Thanks to Japan and Korea! and soon China!
Im still laughing at cars produced in China. Can they put a "MADE IN CHINA" on the bottom of the cars, like the matchbox ones?

If it jams, force it. If it breaks, it needed replacing anyway.
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post #9 of 16 (permalink) Old 01-26-2006, 10:05 PM
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RE: GM Posts Spectacular Loss

Quote:
Syracuse315 - 1/26/2006 8:53 PM

Quote:
Morpheus - 1/26/2006 8:19 PM

Thanks to Japan and Korea! and soon China!
Im still laughing at cars produced in China. Can they put a "MADE IN CHINA" on the bottom of the cars, like the matchbox ones?
i wouldnt be surprised to see them for sale at the 99 cent store. hehe[:D]

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post #10 of 16 (permalink) Old 01-27-2006, 03:21 AM
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RE: GM Posts Spectacular Loss

If GM, ( or Ford for that matter) would build cars that people wanted to buy at a price that was competitve, they wouldn't have this problem.
Capitalism means they have the freedom to try to sell a product. It must also mean they have the freedom to fail. Failure is how the market place determines the losers. If we have winners, we must also have losers. The ultimate winner in all the cruelty is the consumer.
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