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« Felix Morley Journalism Competition | Main | Movie Review: Walk the Line » November 23, 2005General Motors' Big TurkeyGeneral Motors announced on Monday that it plans to cut 30,000 jobs by 2008 by closing nine manufacturing plants and three service and parts operations in North America. The company's stock is in the tank--it hit an 18-year low last week--and the cutbacks are designed to stall any further decline that might lead into bankruptcy. The Economist has the bloody details. The automotive giant was on the verge of Chapter 11 in the early 1990s and fought its way back, and will have to again despite this job-cutting move and the recent shuttering of Oldsmobile. While the workers are bearing the brunt of GM's troubles, the truth is the company has been losing market share for years (now below 25 percent) and its only reliable profitmaker is the truck/SUV market, which doesn't exactly have the brightest future given rising oil prices. With Toyota poised to become the world's largest car manufacturer next year, GM's troubles might get worse before they get better. Posted by David Darlington at November 23, 2005 12:17 PM CommentsThis is too bad. my family was always a GM family, even though nobody worked for the General. I look in my parents' driveway now, and I see a Ford truck, a Chrysler minivan, a Ford car, and my VW. GM just hasn't made competitive vehicles across all market segments for quite some time. Some of their new vehicles look promising, if the financial problems don't sink them first. I'll take three Pontiac Solstices, please. Posted by: Adam Packer at November 23, 2005 04:16 PM | permalink Posted by: wahoofive at November 23, 2005 08:21 PM | permalink Posted by: Gregory Travis at November 23, 2005 08:22 PM | permalink The heady days of building bigger Canyonero style SUV's a great profit have ended. Meanwhile, instead of investing those profits in growing excellent car divisions to compete with Japan, GM was spending it on huge rebates. Perhaps if GM is eliminated the resources it was consuming will be re-utilized by a more efficient vendor. Posted by: Dave S. at November 24, 2005 08:52 AM | permalink Post a comment |
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