GM sucking big time

[chuck92103]

GM stock hit the lowest point since 1955.

If you would have bought GM stock 50 years ago and held on to it, you would have lost money adjusted for inflation.

Source:CNBC

Starbucks has a larger market cap.

GM worth around 6 billion, Toyota 150 billion.

Sad times for U.S. auto makers.

[Zeeman]

is it any suprise? Despite some improvements their product line is basically shit, they have zero brand identity, continue with all these stupid divisions that just rebrand the same shit car, and have the worst marketing in the business. Toyota can cover the entire world market with basically two brands: Toyota & Lexus, and produces a quality, well targeted product. (I know that they also have Scion, but it's still a very niche brand). And this is achieved with a CEO and senior management team that is paid a fraction of what GM's CEO & top managers make - Wagoner and the rest of the morons running GM company should be fired.

[gshb]

whats worse is that GM is probably in the best position to make a comeback than Ford or Chrysler.

[AWD Addict]

Hey, someone needs to make crappy rental cars, right?

[phantom330]

I want to like GM and feel their products have improved slightly (at least in design), but they need to get rid of Pontiac for good and possibly start calling saturn Opel to give it a more exotic european type of look. I wish they made good products and actually made them in the US most of the time and I'd love to buy one. I don't want to support foreign economies, but if the US products don't have the same quality I'm not going to buy a POS just because it was made by an American company, but assembled in canada or mexico

[ironjw]

Originally Posted by AWD Addict

Hey, someone needs to make crappy rental cars, right?

lol +1

None of the american cars appeal to me ... BMW's sexiness turned me on in an instant .. luxury, power, features, engine, handling FTW

Well I might be bias there because I was in love with my best friend's e90 lol.

BMW FTW

[vAnt826]

If you sat in a Pontiac Grand Prix lately (compliments of rental agencies) you will understand why GM is in the trash.

[BMW F22]

It's not as simple as losing money because of their cars. It's also about GM's structure & culture. Most, if not all their workers are unionized so it's not like they can be fired for slacking off at work. They have no incentive to work hard at all. GM cars require more production time which translates into them paying their workers more (not to mention they're already getting paid more than most of the competition). I just hope that those workers realize that if they don't pick up the slack, they will be out of a job if GM goes down. I think last year they lost something like 10 billions??

GM is also ran by an old-school management team which was very resistant to change (until recently). I just hope they get their act together soon.

[quagmire]

Originally Posted by vAnt826

If you sat in a Pontiac Grand Prix lately (compliments of rental agencies) you will understand why GM is in the trash.

The Grand Prix is replaced by the G8 and has been out of production for a bit since Oshawa is being retooled to be a huge Flex Plant and is prepping to build the Camaro.

Originally Posted by Kenny@JleviSW

It's not as simple as losing money because of their cars. It's also about GM's structure & culture. Most, if not all their workers are unionized so it's not like they can be fired for slacking off at work. They have no incentive to work hard at all. GM cars require more production time which translates into them paying their workers more (not to mention they're already getting paid more than most of the competition). I just hope that those workers realize that if they don't pick up the slack, they will be out of a job if GM goes down. I think last year they lost something like 10 billions??

GM is also ran by an old-school management team which was very resistant to change (until recently). I just hope they get their act together soon.

2007 $39 billion loss was caused by a tax issue. Not an actual money loss. GM only has ~$26 billion in cash. They can't lose that much technically. The only person I like in GM right now is Lutz. I don't really give a hoot about the other executives. Lutz is the reason why we have good products right now like the CTS and Malibu.

[mmm def]

I dunno GM has a lot of nice cars coming/out on the market..you have the new CTS, the G8, Camaro..even the crappy little Cobalt has a nice Turbo and some amazing handling, improved quality..etc.

Anyway...I am the last person to root for GM, but I have definitely seen improvement..much better than the other 2.

[vAnt826]

The Grand Prix is replaced by the G8 and has been out of production for a bit since Oshawa is being retooled to be a huge Flex Plant and is prepping to build the Camaro.

Couple years too late The Grand Prix is still on new car lots, waiting to go to unfortunate owners.

[AJayE92]

it would take gross amount of 8 GM dealerships to buy out one Mcdonalds lol


jesus what has happened to the world

[jetblk328i]

Originally Posted by AWD Addict

Hey, someone needs to make crappy rental cars, right?

+1 however i usually rent the nissan altima....

[Kev]

Here, we have Zipcars, so I can remain faithful to BMW by renting Mini's or 328s, LOL~

[UltimateBMW]

If Ford would bring the Mondeo over to the states they would be in much better standing.

The only reason I can think of why they haven't yet is because its such a better quality and looking car that it would seem out of place with their current customer base. Probably out of price range of their current customer base as well. However, I think it is alittle insulting that their best made car isn't even sold in their home country.

[uberschnell]

Originally Posted by Kenny@JleviSW

It's not as simple as losing money because of their cars. It's also about GM's structure & culture. Most, if not all their workers are unionized so it's not like they can be fired for slacking off at work. They have no incentive to work hard at all. GM cars require more production time which translates into them paying their workers more (not to mention they're already getting paid more than most of the competition). I just hope that those workers realize that if they don't pick up the slack, they will be out of a job if GM goes down. I think last year they lost something like 10 billions??

GM is also ran by an old-school management team which was very resistant to change (until recently). I just hope they get their act together soon.

So, the blame rests on the people who have the least influence on the way the company is managed? At what point do you hold the people who are paid millions accountable for Managing? I'm sure this is what the hapless leaders of GM would love you to believe.

"General Motors shareholders blasted the company's chief executive for raking in huge salaries and bonuses while the automaker has struggled financially, but a proposal to give investors a say on executive pay was soundly defeated on Tuesday.

Shareholders also defeated a proposal under which at least 75 percent of future stock options and restricted stock awards for senior executives would be tied to the company's performance.

John Lauve of Holly, Mich., who sponsored the proposal on performance pay, said GM's market share, stock price and credit rating have decreased in recent years, but management and directors have not been held accountable.
"We either need to change this company or have the Japanese come in and run the whole place," said Lauve, whose proposal received only 16 percent support in preliminary voting results.

The proposal to give shareholders an annual advisory vote on executive compensation fared better, receiving almost 32 percent support, but fell fall short of passage. The sponsor of the proposal, John Chevedden of Redondo Beach, Calif., said the company successfully blocked an effort to have a similar measure put to a vote at last year's annual meeting.

"It's long overdue, especially given the results this year of our company," Chevedden said, referring to GM's $38.7 billion loss in 2007.

According to an Associated Press calculation, GM chairman and chief executive officer Rick Wagoner received compensation valued at $15.7 million for 2007, up 64 percent from the previous year.

"I came to scold you for your greed," Mary Ann Wiley of Seattle told Wagoner.

Wiley, 77, said she has owned General Motors Corp. stock for 70 years, but that Tuesday marked her first annual meeting. Wiley said afterward that GM has moved far too slowly in developing new and better products and embracing next-generation fuels, and that management should not receive higher salaries and bonuses when the company is struggling."

[vAnt826]

Disgusting. Thats why people need to continue selling GM shares. To even own one share of the company, you must be a fool.

[BMW F22]

Originally Posted by Magna3

So, the blame rests on the people who have the least influence on the way the company is managed? At what point do you hold the people who are paid millions accountable for Managing? I'm sure this is what the hapless leaders of GM would love you to believe.

Actually it's management that is ultimately responsible. Like I said they are too committed in their own/old ways that it's hard for them to embrace new technologies and make innovative products. We've seen this happen to many large corporations before (IBM and Ford come to mind as examples). Ford has actually been trying to restructure itself to keep up the changes (both locally as well as internationally).

This is not to say that the workers aren't to blame. I mean let's face it, if union workers cannot be fired for not performing at 100%, they simply have no incentive to work hard. And it seems that most, if not all, of GM's workers are union workers so it's going to be pretty hard to get rid of them even though the company is losing billions.

[uberschnell]

Well, if I worked for a bunch of crooks who would just as soon cut your job, benefits, and salary to line their own pockets I'd want representation also.

[quagmire]

Originally Posted by Magna3

Well, if I worked for a bunch of crooks who would just as soon cut your job, benefits, and salary to line their own pockets I'd want representation also.

So earning $70K a year is justified for an assembly line worker out of High School? While I am not excusing GM's POS management,but the UAW is also at fault.

[ages944]

GM is making the right decisions for a comeback. Decisions in the auto industry take years to implement, and are never simple as 'bring car x here and it would solve all their problems.' GM quality is getting better, and the cars are getting more interesting. If they keep on their current trajectory, I predict that they can weather this storm in five years.

The secret here is simply honest cars at competitive prices. That's all most people want out of any car... value. GM is slowly doing this. Ford will take longer because they have a culture problem to deal with first (any company that thinks putting a Lincoln badge on a pickup truck is a good idea definitely has culture issues). As for Chrysler... do they still make cars? They should just call themselves Dodge and be done with it.

[Los Angeles]

GM, Ford, Dodge.

Shitty cars. Shitty business. They're their own worst enemy.