GM CEO promises profit for taxpayers

GM CEO promises profit for taxpayers

PostBy: sterling40man On: Mon Jan 11, 2010 3:08 pm

http://money.cnn.com/2010/01/11/news/co ... /index.htm

DETROIT (CNNMoney.com) -- General Motors Chairman and CEO Ed Whitacre promised Monday that taxpayers will make a profit on the $50 billion that Treasury has sunk into the company over the past 13 months.

"I think the government's investment is well placed and I think they'll make a lot of money," Whitacre told reporters after an event at the annual auto show here Monday morning. "It won't be too long."

The promise of profits on the $50 billion, which was echoed by Vice Chairman Bob Lutz in an interview with CNNMoney.com, is quite a bit more bullish than any previous forecast for the return on the money made by a GM executive.


I'll believe it when I see it. :roll:
sterling40man
 
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Re: GM CEO promises profit for taxpayers

PostBy: SMITTY On: Mon Jan 11, 2010 3:29 pm

Oh great! So they're finally dumping the union I take it? :lol:
SMITTY
 
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Re: GM CEO promises profit for taxpayers

PostBy: Yanche On: Mon Jan 11, 2010 5:37 pm

sterling40man wrote:http://money.cnn.com/2010/01/11/news/companies/gm_taxpayer_profit/index.htm

DETROIT (CNNMoney.com) -- General Motors Chairman and CEO Ed Whitacre promised Monday that taxpayers will make a profit on the $50 billion that Treasury has sunk into the company over the past 13 months.

"I think the government's investment is well placed and I think they'll make a lot of money," Whitacre told reporters after an event at the annual auto show here Monday morning. "It won't be too long."

The promise of profits on the $50 billion, which was echoed by Vice Chairman Bob Lutz in an interview with CNNMoney.com, is quite a bit more bullish than any previous forecast for the return on the money made by a GM executive.


I'll believe it when I see it. :roll:

Just might happen. In some developing countries GM is doing well. From public news sources, "GM, the biggest overseas automaker in China, said on Jan. 4 that its Chinese sales rose 67 percent last year to a record 1.83 million vehicles. Shanghai General Motors Co. sold 727,620 cars last year, an increase of 63 percent." Buicks are also selling well in China. As the middle class in China grows so does their demand for autos. The size of the market is huge.
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Re: GM CEO promises profit for taxpayers

PostBy: Paulie On: Mon Jan 11, 2010 5:39 pm

We will be lucky to get paid back, never mind interest. Walk around a GM lot, see if there is anything that gets you
excited? Not really. The pony car is cool, but a 5 years late to the party. Aside from that and a Corvette(how many can you
sell?), BORING. Boring does not sell cars, which is what they seem to do best now. :(
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Re: GM CEO promises profit for taxpayers

PostBy: jeromemsn On: Mon Jan 11, 2010 8:52 pm

Hey c'mere.....looks both ways to see if it's safe to talk.......shhhhhhhh.........If GM makes any money guess who there gonna make it off of........don't say I said nothing.....it's a secret.

So there gonna make enough money off of us to pay us back, wow now thats the best pyramid scheme I have ever heard of since they also have to pay there normal expenses, operating cost, and of course that top notch CEO pay scale for how many goons. Lets see Olds and Pontiac...gone. Dealer network.......cut drastically. Hiring people at half the pay to do more work so the turn around will be high and the quality will be low.

Oh I know it will work, it's already on paper that it's going to work. Now why couldn't they make it work the same way for the average "Joe". How many here could use this same math so that they could adjust there home payments....well hell even there car payments.

Nuff said.....pyramid scheme! All of it!
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Re: GM CEO promises profit for taxpayers

PostBy: coaledsweat On: Mon Jan 11, 2010 10:02 pm

I heard on the radio today they plan to reopen a few plants, they are running out of excess inventory very fast.
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Re: GM CEO promises profit for taxpayers

PostBy: SMITTY On: Mon Jan 11, 2010 10:17 pm

GM has plenty of good stuff: the new Camaro is absolutely beautiful ... and actually backs up the looks with some awesome engine choices, Cadillac has amazing things out there ... I'd take any one of them, minus the front-wheel-drive one (if I could afford it), Buick has come back from the dead with some super luxurious models at a very reasonable price considering, GMC & Chevy trucks just plain kick ass -- GREAT looks, some decent engines, ride like a car .....

I see no reason why they can't make money .... as long as they dump, or completely revamp the union, & cut back on the greedy salaries of the top brass.
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Re: GM CEO promises profit for taxpayers

PostBy: Paulie On: Mon Jan 11, 2010 11:00 pm

SMITTY wrote:GM has plenty of good stuff: the new Camaro is absolutely beautiful ... and actually backs up the looks with some awesome engine choices, Cadillac has amazing things out there ... I'd take any one of them, minus the front-wheel-drive one (if I could afford it), Buick has come back from the dead with some super luxurious models at a very reasonable price considering, GMC & Chevy trucks just plain kick ass -- GREAT looks, some decent engines, ride like a car .....

I see no reason why they can't make money .... as long as they dump, or completely revamp the union, & cut back on the greedy salaries of the top brass.

Caddy is on fire, but not making money. The volume is just not there. Trucks.....Ford owns the market.. as well they should. I buy NEW cars for me and for work. I am shopping right now....GM is boring. Some of the stuff they build is nice,
but no VOLUME. With out volume, they are done. It will take a while, but die it will. We can only hope that we get our money
back before it rolls over. I take no pleasure in it, but realistically the bail out was a jobs program. The GOV did not want all
those people unemployed at the same time. Unemployment will go down, and then GM will roll, and right back up it will go.
So even if we lose the money, it was still cheaper than having them go down with the general economy. Not a fun set of choices.
Chrysler is toast. I am curious to see how much FIAT spends before they bale out. The only marque with value at Chrysler is JEEP. Doubt they are large enough to go it alone, but some one will pick them up.
The only American car company that deserves to live right now is FORD. The model line up shows this too. All the \
lines have fire. From the lowly focus to the biggest Lincoln, they are desirable. Trucks, cars, all price points, they are
fresh and make you want one in some way. THAT is what it takes to survive and beat the JAP cars. And if we can believe the press numbers, looks like they are getting it done. More market share every day.
Even if you are not a Ford fan, it still makes you feel good that some AMERICAN car company compete. We have not
completely lost it!
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Re: GM CEO promises profit for taxpayers

PostBy: lincolnmania On: Tue Jan 12, 2010 4:58 am

ford is making dumb moves too.......2011 is the last year for the crown victoria, grand marquis, and town car.........what are the cops and the limo companies and retired folks gonna drive?.......couple thousand workers are going to lose their jobs with no replacements in the future for these three cars.
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Re: GM CEO promises profit for taxpayers

PostBy: Freddy On: Tue Jan 12, 2010 6:31 am

I'm a Ford person, have been all my life, but, I think GM will make it. Even though sales are down, they are selling more per year than any year in history before 1999. If they made it then, they will make it now.
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Re: GM CEO promises profit for taxpayers

PostBy: samhill On: Tue Jan 12, 2010 9:59 am

I also think GM will make a comeback but nowhere near what they were, also like smitty said if you expect to cut the union pay & bennies you have to cut at the top. Thats what got all the U.S. co.s in this mess they had to give the lowly worker some crumbs so they could eat the cake. The CEOs didn`t care about legacy costs down the road because they would have bailed out with their golden parachute long before. I think even Chysler has a chance if they turn their auto quality around, they did it with the trucks & are giving the others a run for their money as long as they don`t try & use the truck sales to bail out the corp. by raising the price.
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Re: GM CEO promises profit for taxpayers

PostBy: SMITTY On: Tue Jan 12, 2010 11:16 am

lincolnmania wrote:ford is making dumb moves too.......2011 is the last year for the crown victoria, grand marquis, and town car.........what are the cops and the limo companies and retired folks gonna drive?.......couple thousand workers are going to lose their jobs with no replacements in the future for these three cars.

That sucks .... another result of this damn green movement I take it? Those are the best cars built. Every rear wheel drive full framed car I have ever owned is still on the road. I've junked no less than 5 four cylinder compact cars. That's too bad ... bad move on Ford's part too.
SMITTY
 
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Re: GM CEO promises profit for taxpayers

PostBy: sterling40man On: Tue Jan 12, 2010 11:30 pm

Yanche wrote:Just might happen. In some developing countries GM is doing well. From public news sources, "GM, the biggest overseas automaker in China, said on Jan. 4 that its Chinese sales rose 67 percent last year to a record 1.83 million vehicles. Shanghai General Motors Co. sold 727,620 cars last year, an increase of 63 percent." Buicks are also selling well in China. As the middle class in China grows so does their demand for autos. The size of the market is huge.


Looks like you were right again Yanche!

http://money.cnn.com/2010/01/12/news/co ... /index.htm

GM: We'll sell more in China than the U.S. soon

DETROIT (CNNMoney.com) -- Chinese consumers bought more automobiles last year than Americans did for the first time. A top executive at General Motors thinks that it won't be long before it too will sell more cars in China than in its home market.
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Re: GM CEO promises profit for taxpayers

PostBy: Kevin H On: Fri Jan 15, 2010 10:48 am

SMITTY wrote:
lincolnmania wrote:ford is making dumb moves too.......2011 is the last year for the crown victoria, grand marquis, and town car.........what are the cops and the limo companies and retired folks gonna drive?.......couple thousand workers are going to lose their jobs with no replacements in the future for these three cars.

That sucks .... another result of this damn green movement I take it? Those are the best cars built. Every rear wheel drive full framed car I have ever owned is still on the road. I've junked no less than 5 four cylinder compact cars. That's too bad ... bad move on Ford's part too.


Yes like those damn Honda civics... So unreliable! (I had an employee last year with an '89 still on the road... 324k... :D ) The problem IMHO is when you make a FWD 4-banger and attempt to make it look like something else; Too big, too heavy, too bubbly. The little arrowhead shaped ones with no frills seem to be the ones that last.
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Re: GM CEO promises profit for taxpayers

PostBy: SMITTY On: Fri Jan 15, 2010 12:01 pm

My wife drives a '86 rear-wheel drive V8 to work 80 miles a day in the summer. I had the same car 10 years ago & sold it with 253,000 miles on it. My '94 Chevy K1500 pickup I just sold a few years ago had 266,000 miles.

Those little cars are no more reliable than any full framed vehicle. Just the full framed ones are MUCH easier to work on, & don't rot to pieces as fast.
SMITTY
 
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