Stunning Reversal. GM Reclaims Title as #1 Carmaker (death, Obama, companies)
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Bottom Line - GM reclaims global sales crown (http://bottomline.msnbc.msn.com/_news/2012/01/19/10192000-gm-reclaims-global-sales-crown - broken link)
Less than three years after emerging from bankruptcy General Motors is positioned to once again be the world’s number one automaker, with sales for 2011 totaling 9.03 million. Its largest brand Chevrolet, meanwhile, reported an all-time record of 4.76 million sales to close out its 100th anniversary.
Some of their cars are pretty crappy still but they're improving. Don't forget that GM also owns brands like Opel which have always been very popular. I guess it's good that they're pulling out of a death spiral. I drove a 2011 Malibu a month ago and I really liked it actually...
I wonder if Time will mention this in their little article............
"Treasury spent $49.5 billion to help see the automaker through its 2009 bankruptcy reorganization, leaving the U.S. with 61% of the company. Even after taking into account Treasury's proceeds from GM's record IPO and federal loans that the company has repaid, taxpayers are still out about $25.5 billion.
That means the stock would have to more than double from today's price, to about $51 per share, for taxpayers to break even.
At the time of the IPO, many people expected Treasury would try to sell its remaining stake by the end of 2011, if for no other reason than to close the books on the deal before the president's re-election effort got underway."
Or the fact that thousands were left without jobs and bond holders money stolen basically. Nah that won't fit the narrative. Or that the union was handed a 20% stake in the company or the fact that if they would have went through bankruptcy they would be where they are now most likely but the taxpayers wouldn't be left holding the bag.
Well, I'm not a fan (all 3 of my GM vehilces were lemons), but it's good to see that GM is off of life support.
The reason they appear so healthy, is BECAUSE they are on life support.
Without it, they'd be dead by now... and deservedly so. And their union buddies who caused most of the problems would be dead along with them... which would actually SOLVE the problem.
Hand me a few $bil and I could build a lot of ****ty cars and sell them cheap while paying off huge, undeserved union contracts too.
Count me in as a Detroiter who thanks God every day for the bailouts that saved a region already on its knees from certain extinction. Many of you will be surprised that most of us are very greatfull that this help was given.
It may not have lived up to utopian free market ideals but overall I believe it was definitely in this countrys best interest to save the domestic auto industry. If you think the economy is on shaky ground right now I can assure you that it would be in much worse condition if the government had failed to assist one of its most important industries in the same manner that all other countries do.
What happens when the unions run em into the ground again? More bailout money? As my post pointed out the taxpayer is still out 25 billion even with this "amazing" news.
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