GM posts loss; burns through $10 billion

[mmmmpsi]

And this company is still around why??

Absolutely disgusting..

Good thing those profitable Buick & GMC lines were saved..

http://www.reuters.com/article/ousiv...5462J520090507

[ksniperfox]

embarassing. x2-why are they still around?

[Julio]

Actually , it was like 6 billion.. toyota lost 7 billion...


Lets put toyota on blast....

[_Christian_]

Actually , it was like 6 billion.. toyota lost 7 billion...


Lets put toyota on blast....

Well, the figure seems to be $10 billion. Toyota just had it's first fiscal loss in ~70 years IIRC. I think the global economic situation is to blame more than Toyota. Besides, American tax dollars weren't spent to keep Toyota afloat. That's what this is about.

[mmmmpsi]

Well, the figure seems to be $10 billion. Toyota just had it's first fiscal loss in ~70 years IIRC. I think the global economic situation is to blame more than Toyota. Besides, American tax dollars weren't spent to keep Toyota afloat. That's what this is about.

Well said.. all car companies lost money but nothing like this..

GM has taken YOUR money and done what with it?? Canceled the only two lines of cars that are actually half decent in the Pontiac and Saturn products.. WTF are they thinking seriously..

They lost 6 billion in sales but lost 10 billion in total in a quarter!!! Guys that's 3 months.. SERIOUSLY.. When are people going to say enough is enough..

This is absolutely disgusting..

GM reported a loss of $5.9 billion, or $9.66 a share in the first quarter, compared to a 62 cents per share loss a year ago. The company has now lost $88 billion since 2005.

GM (GM, Fortune 500) burned through $10.2 billion in cash in the quarter, leaving it with only $11.6 billion in cash on hand at the end of the period. The company says it needs between $11 billion and $14 billion on hand to continue normal operations.

They are doing absolutely NOTHING to improve the company other than shutting down Pontiac and Saturn and closing dealerships.. Well let's see.. So you're closing the places that people MIGHT wanna buy the cars from.. Yah that's a good plan!! Well done GM.. DIE already and stop taking my money.

[Terror]

I love how some motherfuckers are so quick to pretend that they would better be able to manage an automotive company and criticize the way they do things to pull through with information ONLY coming from the media, which we all know is a one sided story. Working for a company who has received federal TARP funds, there is MUCH more that goes on behind the scenes that the general public and media do not know, or choose to display. One thing is for sure, many large companies that are receiving these funds, and many that are not are doing what they have to do to come out of this and still be successful, while doing the best they can to minimize job loss, lack of quality product and service. GM is just as important to the economy of this country as some of the biggest banks, they are essential.

[Jenson]

They want to go bankrupt and get the easy way out like Chrysler did. Even if they did somehow make money they would still show a huge loss so they can become Obamafied. Thats just my opinion.

Lets face it though, the fact they are still operating under conditions where they lost 30% of their business in 3 months is relatively impressive. They also somehow released the 2010 camaro somewhat on time and fired the corrupt head of motorsports who was screwing up alot of crap. Also the Pontiac and Saturn dealerships are closing but the entire lines are still available at GMC dealerships just like back in the late 80's early 90's before Saturn came around.

[XanRules]

Well said.. all car companies lost money but nothing like this..

Subaru and Kia posted profits in 08, didn't they?

[mmmmpsi]

I'm not talking about 2008.. I'm talking about first quarter of 2009..

I don't know where the other dude got his information from but you're WAY WAY off.. They are STOPPING THE PRODUCTION OF SATURN & PONTIAC PRODUCTS.. they are closing 1100+ dealerships.. But keeping the bloated GMC & Buick lines of products..

That is a clusterfuck IMO..

It's a public company, I don't just believe what I read in the media but I do believe what I read in a companies financials.. They have been losing money for a LONG time.. Do you realize that some of the dealerships that they are now closing.. Some of them don't sell more than 50 units a year.. YAH that's right.. just over 4 cars a month.. WHY these dealerships weren't closed years ago is beyond me.. BUT NO, GM decided to keep them and have them drain on the companies bottom line and look where they are now.. Who knows how much money they could have saved by consolidating GMC/PONTIAC/BUICK/SATURN all into one dealership.. But no.. they kept them separate and now it's too late..

6 of the top executives cashed out 200,000 of their shares.. trust me on this one.. the company is done.. bankruptcy is inevitable and their stock just like AIG, FNM, FRE and others that have went bankrupt will be worth next to nothing.. (not like it's worth that much anyway (1.09 with a market cap of 665.51 Million) For a car company... One of the biggest companies in the world.. that is disgusting.. in comparison.. Ford's Market cap is 15.7 Billion.. Honda 51.7 Billion.. etc..

GM right now has less worth than Dress Barn, who has a market cap of 858 Million.. wow.

[Frög]

LOL

Bye bye GM..

[Jecht]

LOL

Bye bye GM..

x2