[RG59061]

GENERAL MOTORS POSTS RECORD $38.7 BILLION DOLLAR LOSS FOR 2007​

GM not only lost the title of the Worlds Largest Automaker in 2007 to Toyota...but it has also lost over $38 Billion Dollars as well. What is this coming from? With the onslaught of the new offerings from Chevrolet and the upgrades that GM has made into its cars from what they were just a short decade ago...what could have caused this massive loss. My friends at Left Lane News.com have the full skinny!

General Motors has officially announced its 2007 financial results. GM lost $23 million in 2007, compared to a net income of $2.2 billion in 2006. GM sited poor performance by its finance arm — GMAC — for the loss. When special items are included in the total — such as non-cash charges — the Detroit automaker lost $38.7 billion.

Despite the losses, GM's core automotive business actually saw a record revenue of $178 billion in 2007 — up $7 billion from the year before. GM sites a favorable exchange rate against the weaker U.S. dollar and strong growth in developing regions for the increased revenue.

General Motors also announced another round of planned buyouts, but failed to mention how many jobs it plans to cut. The new round of buyouts will offer incentives of $45,000 for production employees or $62,500 for skilled trades. Retirement plans will also be offered to employees 50 years or older with at least 10 years of service.

No time frame was given for the buyouts.
​

Lets hope that GM can turn this around and that it and Ford Motor Company can climb back and whittle away at Toyota and knock it from the top some day.

Stay Fabulous!
RG59061

 

[Mbukukanyau]

Toyota is not going to last a year as number 1 automaker. GM is growing at some double digits in markets where Toyota is seeing no growth. Thanks to GMDAT

 

[SobeSVT]

We all know that GM's situation is much better than these news are trying to convey. The new round of buy out though, are kind of preoccupying, but then again, they may have been part of the plan since the beginning.

You have to give credit to Wagoner and the job he is doing.

 

[1931Chevy]

Since our fabolous media like our domestic so much this will be next years news

GM informs today it made a good profit of 2 billion.


GM who had a loss of $38.7 billion last year and $10.5 in 2005 announced today blah blah blah

 

[mercury_1988]

The Bush's administration has ruined the US economy .

 

[Tahoe]

The Bush's administration has ruined the US economy .

really? are you that naive?

 

[SobeSVT]

really? are you that naive?

Why is he naive? what's your theory?

 

[Tahoe]

Why is he naive? what's your theory?

Let the man defend his statement. I may be a stay home mom, but I know something about the economy.
The current problems have everything to do with congress, their refusal to regulate Fannie and Freddie and the SOX law regarding FMV calculations. .
Congress went for "affordable housing" which means, houses for people who cannot afford them, long before Bush came to power, and we are paying the price now. Becouse, the "Chickeenns" for those who bought what they could not afford, whose mortages were sold to Freddie, Fannie .. .have come back to roost... and there is no home. It is owned by the bank now.. so, there is no home for the "Chickeenns"

 

[SobeSVT]

You may know your economy but you don't know your history.

The de-regulation is part of the conservative philosophy, and the one that really stepped down on the accelerator of deregulation is GOP demi-god Ronald W. Reagan.

Not long ago president Bush was hailing the achievements of the deregulated housing and financial industries using as an example the record home ownership in the country today. Meanwhile thousands and thousands of Americans, those you call "Chickeenns" were, in many instanced tricked into getting loans that they couldn't afford and that the "deregulated" banks didn't bother to check. No income check, no credit check. Why? Because those loans the bundled and sold and used as backing for bonds that made billions for those who now are asking the government for more millions. We all have the result of deregulation in front of us.

Not long ago the WH was selling us the idea of privatizing Social Security. Many times president Bush told us how nice would it be if we got control of our SS contributions investing them in the stock market. Just imagine how well that would have work out . . .

Show some compassion for the "Chickeenns", the are Americans too.

 

[Tahoe]

Chickeenns, used in the context of Rev. Jeremiah Right's usage.