GM posts $3 billion loss

[NoGOPZone]

Source: Reuters via Yahoo! News

General Motors Corp (GM.N) posted a narrower-than-expected quarterly loss on Wednesday as sales gains in Asia and Latin America overshadowed a slump in the U.S. market, sending its shares up 13 percent.


The No. 1 U.S. automaker fell to a net loss of $3.25 billion, or $5.74 per share, from a year-earlier profit, reflecting the impact of a costly supplier strike and waning demand in North America for GM's most profitable vehicles.

But excluding $2.2 billion in charges for struggling former subsidiaries, the results were better than forecast and investors applauded GM's ability to avoid a worse result at a time of mounting pressure in its home market.

GM took a $1.45-billion charge for its remaining investment in finance company GMAC in the first quarter and a $731-million charge for its exposure to the bankruptcy of auto parts supplier and former subsidiary Delphi Corp.

Read more: http://news.yahoo.com/s/nm/20080430/bs_nm/gm_dc_3

[napoleon_in_rags]

1. Ties in perfectly with the post right above it

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x145670

GM opted to build vehicles which appealed to people's desire to project dominance rather than vehicles that made sense in the face of an impending oil shortage, and here they are. I wonder how the makers of the Prius are doing.

[spinbaby]

2. Funny you should bring that up

I traded in my Saturn for a Prius last year.

[napoleon_in_rags]

3. I hear they're really in demand.

And the company is poised for success off it. Apparently, they put a huge amount of R&D into it, so it hasn't made them much. But the R&D is starting to pay including new versions, like the 2009 prius which gets like 94 miles per gallon. So they really are set up to make a killing, as Toyota does all their own R&D and owns all of it.

http://news.bostonherald.com/business/automotive/view.bg?articleid=1089629&srvc=home&position=recent
http://usnews.rankingsandreviews.com/cars-trucks/daily-news/080429-2009-Prius-May-Reach-94-MPG/

[spinbaby]

4. It's a beautifully designed car

Aside from the extraordinary mileage, I think it's a very attractive, comfortable car. GMs latest offerings are, in my opinion, butt ugly--boxy, high-shouldered, aggressive-looking vehicles. Give me my cute Prius any day.

[napoleon_in_rags]

12. Give me your cute Prius too!

I'm jealous. :)

[Xenotime]

5. HAHA!!! Serves them right. That company is full of fat exec who can't see..

past their own wallet.

[TheWatcher]

14. And those fat executives will all get Golden Parachutes

Will all escape accountability, will never suffer a single moment of indignity and will laugh at all of us all the way to their offshore bank.

I feel for the employees that have to suffer because we seem to be unable to hold any of these vipers accountable for their actions.

[nebula]

6. The GM dinosaur needs to die once and for all

One of the most backward, regressive companies to ever exist.

[barb162]

10. The benefits there were outstanding at one time.

If they go out of business it will still really hurt a lot of Americans, so I am for them making a go of it.

[madmom]

7. Gee just last week the MSM had this to say:

DETROIT -- General Motors Corp. Chairman and CEO Rick Wagoner received compensation valued at $15.7 million for 2007, up 64 percent from the previous year, according to a federal regulatory filing the company made on Friday.

Wagoner earned $1.56 million in salary and no bonus last year, but he received incentive awards of $1.8 million, and stock options and restricted stock valued at $11.7 million, according to the filing with the U.S. Securities and Exchange Commission.

His package in 2006 was worth $9.57 million, including $1.28 million in salary, no bonus, no incentive awards, and stock options and restricted stock valued at $7.5 million.

[underpants]

9. Healthcare costs add $1,000 per car. Healthcare costs add $1,000 per car.

Healthcare costs add $1,000 per car. Healthcare costs add $1,000 per car. Healthcare costs add $1,000 per car. Healthcare costs add $1,000 per car. Healthcare costs add $1,000 per carHealthcare costs add $1,000 per car. . Healthcare costs add $1,000 per car. Healthcare costs add $1,000 per car.

neener neener neener I'm not listening to anything but that talking point

Healthcare costs add $1,000 per car. Healthcare costs add $1,000 per car.
Healthcare costs add $1,000 per car. Healthcare costs add $1,000 per car.

[madmom]

13. So by that standard then, the price of cars should be going down because

employees are having to pay more of their health care costs. So I wonder what excuse they'll try next.

[HockeyMom]

8. I bought a Hyundai two years ago

My husband bought a Honda Hybrid two years ago. Now that was good timing. He said if gas goes over $4/gallon he will take his bike to work (3 miles away) and I can drive the Honda to my job (10 miles away).

[Indenturedebtor]

11. Yeah my Mazda and my wifes Nissan were more made here

than pretty much any car GM makes. What do I care about some foreign company going under? :shrug: