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Never really thought I'd see the day that GM was on the verge of going under:
Ford, GM and Chrysler all have 'junk' credit ratings and GM is about to be pulled from the New York Stock Exchange because their shares trade so low.
People can talk all they want about how it's the consumer who has put them in this position and that people not 'buying American' has destroyed the big 3. Reality is that they are plagued with the union issue where the parasite kills the host (seriously, $30 an hour to put on bumpers??), they weren't nimble enough to retool from making gas guzzling SUVs to more fuel efficient cars when the market needed them and their price margin on each unit sold is too high to make any money (meaning their profit is very small per unit and would have to sell a fuckton of units to make any profit). They killed the electric car (GM had the EV1) which would have put them in the front of the pack for bringing one to market, they are just now bringing out decent hybrids and about the most fuel efficient thing they have still gets 8 mpg less than a Corolla (which is about 3k cheaper).
Ford, GM and Chrysler all have 'junk' credit ratings and GM is about to be pulled from the New York Stock Exchange because their shares trade so low.
People can talk all they want about how it's the consumer who has put them in this position and that people not 'buying American' has destroyed the big 3. Reality is that they are plagued with the union issue where the parasite kills the host (seriously, $30 an hour to put on bumpers??), they weren't nimble enough to retool from making gas guzzling SUVs to more fuel efficient cars when the market needed them and their price margin on each unit sold is too high to make any money (meaning their profit is very small per unit and would have to sell a fuckton of units to make any profit). They killed the electric car (GM had the EV1) which would have put them in the front of the pack for bringing one to market, they are just now bringing out decent hybrids and about the most fuel efficient thing they have still gets 8 mpg less than a Corolla (which is about 3k cheaper).
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