Sales and Financial News
Video: GM To Cut Salaried Workers, Production
Posted Jul 15, 2008 @ 9:41 am
This morning, CEO Rick Wagoner announced a plan for GM to conserve and raise $15 billion over the next year to help the company weather the weak US economy and slumping vehicle sales. The plan includes cutting salaried workers, reducing executive salaries, reducing salaried worker health care and slashing truck production. Wagoner also said that the company hasn't ruled off using some of their global assets to raise cash.
Keep reading for more details and to see a video of Wagoner's announcement...
Continue reading Video: GM To Cut Salaried Workers, Production
Category: Sales and Financial
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This morning, CEO Rick Wagoner announced a plan for GM to conserve and raise $15 billion over the next year to help the company weather the weak US economy and slumping vehicle sales. The plan includes cutting salaried workers, reducing executive salaries, reducing salaried worker health care and slashing truck production. Wagoner also said that the company hasn't ruled off using some of their global assets to raise cash.
Keep reading for more details and to see a video of Wagoner's announcement...
Continue reading Video: GM To Cut Salaried Workers, Production
Category: Sales and Financial
Comments (4)
GM Posts 2007 Financial Numbers
Posted Feb 28, 2008 @ 9:56 pm
GM has announced their financial results for 2007 and it ain't pretty. GM posted the largest loss of any company in US history; a loss of $38.3 billion. However, most of that loss comes from a $38.6 billion charge from the 3rd quarter due to some tax credit adjustments. Excluding special items (such as the tax credit adjustment), GM posted a loss of $23 million in 2007. One glaring problem for the company is still North America, which continues to bleed money. In 2007, North American vehicles lost GM $1.5 billion.
On a brighter note, GM is making strides in their overseas business. Last year, GM earned $553 million on global auto sales, up from 2006's $339 million loss.
Hit the jump for the press release...
Continue reading GM Posts 2007 Financial Numbers
Category: Sales and Financial
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GM has announced their financial results for 2007 and it ain't pretty. GM posted the largest loss of any company in US history; a loss of $38.3 billion. However, most of that loss comes from a $38.6 billion charge from the 3rd quarter due to some tax credit adjustments. Excluding special items (such as the tax credit adjustment), GM posted a loss of $23 million in 2007. One glaring problem for the company is still North America, which continues to bleed money. In 2007, North American vehicles lost GM $1.5 billion.
On a brighter note, GM is making strides in their overseas business. Last year, GM earned $553 million on global auto sales, up from 2006's $339 million loss.
Hit the jump for the press release...
Continue reading GM Posts 2007 Financial Numbers
Category: Sales and Financial
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GM Sales Breakdown
Posted Jan 03, 2008 @ 7:25 pm
Click through the jump to see a massive table detailing how each GM brand and individual model faired in December and 2007.
Continue reading GM Sales Breakdown
Category: Sales and Financial
Comments
Click through the jump to see a massive table detailing how each GM brand and individual model faired in December and 2007.
Continue reading GM Sales Breakdown
Category: Sales and Financial
Comments
GM Sales Down For December and Year
Posted Jan 03, 2008 @ 5:41 pm
As expected, GM saw a decrease in sales for December and for the year. GM delivered 323,453 vehicles in December, a 4.4% decrease from last December, and 3.87 vehicles in 2007, a 6% decrease from 2006.
But all is not doom and gloom. While total deliveries in December were down, retail sales were up a modest 1.5% from last December. Additionally, many of the General's new products are selling very well, especially the Cadillac CTS, Chevy Malibu and Buick Enclave. Another model that did quite well in December is the Chevy Aveo, posting a staggering 80% increase in sales (we were suprised too!)
Another good sign for the General is that inventory is way down. The company currently has 147,000 less vehicles in inventory than it did last December.
With the CTS, Malibu and Enclave selling as fast as they can be produced and hot new models like the Pontiac G8 and Saturn Astra soon to launch, we predict that GM should gain a wee bit more market share next year. However, the auto sales are expected to be down industry wide next year, so GM's sales number may continue to slide.
Press release after the jump...
Continue reading GM Sales Down For December and Year
Category: Sales and Financial
Comments
As expected, GM saw a decrease in sales for December and for the year. GM delivered 323,453 vehicles in December, a 4.4% decrease from last December, and 3.87 vehicles in 2007, a 6% decrease from 2006.
But all is not doom and gloom. While total deliveries in December were down, retail sales were up a modest 1.5% from last December. Additionally, many of the General's new products are selling very well, especially the Cadillac CTS, Chevy Malibu and Buick Enclave. Another model that did quite well in December is the Chevy Aveo, posting a staggering 80% increase in sales (we were suprised too!)
Another good sign for the General is that inventory is way down. The company currently has 147,000 less vehicles in inventory than it did last December.
With the CTS, Malibu and Enclave selling as fast as they can be produced and hot new models like the Pontiac G8 and Saturn Astra soon to launch, we predict that GM should gain a wee bit more market share next year. However, the auto sales are expected to be down industry wide next year, so GM's sales number may continue to slide.
Press release after the jump...
Continue reading GM Sales Down For December and Year
Category: Sales and Financial
Comments
GM Selling Medium Duty Truck Unit To Navistar
Posted Dec 21, 2007 @ 8:49 am
Fare thee well GMC Topkick and Chevy Kodiak. Certain assets, intellectual property and distribution rights for the production and sales of those two medium duty trucks are set to be sold to Navistar. A subsidiary of International Trucks, Navistar was the engine supplier for Ford's Super Duty trucks... until their engines caused flames to shoot out of the tail pipes and Ford dumped them.
The Navistar GM deal is currently an agreement of principle. That basically means they have agreed on the overall terms of the sale, but the exact details have yet to be worked out. The deal is expected to be finalized in the coming months.
Continues after the jump...
Continue reading GM Selling Medium Duty Truck Unit To Navistar
Category: Chevy, GMC, Sales and Financial
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Fare thee well GMC Topkick and Chevy Kodiak. Certain assets, intellectual property and distribution rights for the production and sales of those two medium duty trucks are set to be sold to Navistar. A subsidiary of International Trucks, Navistar was the engine supplier for Ford's Super Duty trucks... until their engines caused flames to shoot out of the tail pipes and Ford dumped them.
The Navistar GM deal is currently an agreement of principle. That basically means they have agreed on the overall terms of the sale, but the exact details have yet to be worked out. The deal is expected to be finalized in the coming months.
Continues after the jump...
Continue reading GM Selling Medium Duty Truck Unit To Navistar
Category: Chevy, GMC, Sales and Financial
Comments (2)
GM Raises Price 1.5% On Average
Posted Dec 20, 2007 @ 6:00 pm
Due to increasing costs of raw materials, the General has decided to raise prices on nearly every vehicle. The price increases average out to 1.5%. Some vehicles, such as the Chevy Malibu LS, will see no increase in price. On the other hand, Cadillac XLR will jump a whopping $1,500. Don't even try running out to your favorite dealer to snag a car before the price goes up. These price increases are effective immediately.
Press release after the jump...
Continue reading GM Raises Price 1.5% On Average
Category: Buick, Cadillac, Chevy, GMC, Hummer, Pontiac, Saab, Saturn, Sales and Financial
Comments (1)
Due to increasing costs of raw materials, the General has decided to raise prices on nearly every vehicle. The price increases average out to 1.5%. Some vehicles, such as the Chevy Malibu LS, will see no increase in price. On the other hand, Cadillac XLR will jump a whopping $1,500. Don't even try running out to your favorite dealer to snag a car before the price goes up. These price increases are effective immediately.
Press release after the jump...
Continue reading GM Raises Price 1.5% On Average
Category: Buick, Cadillac, Chevy, GMC, Hummer, Pontiac, Saab, Saturn, Sales and Financial
Comments (1)
Lutz: Importing Astra Saves GM $900 Million
Posted Dec 20, 2007 @ 5:37 pm
According to our favorite cigar chompin', jet flyin' auto exec, importing the Saturn Astra only cost the General $100 million. Bob Lutz compared that with an estimated $1 billion it would have cost for GM to design, engineer, etc a new car specifically for the US market. Clearly, this is a sign that GM's strategy of global platforms is a winner when it comes to price cutting. Additionally, importing the Astra from Belgium allows the Antwerp plant to operate consistantly at full capacity, which also saves the company money. And of course, we as consumers benefit from this because we finally get the cool European designs we've been drooling over! The Saturn Astra will hit dealerships in the US next month.
Category: Saturn, Sales and Financial
Comments (2)
According to our favorite cigar chompin', jet flyin' auto exec, importing the Saturn Astra only cost the General $100 million. Bob Lutz compared that with an estimated $1 billion it would have cost for GM to design, engineer, etc a new car specifically for the US market. Clearly, this is a sign that GM's strategy of global platforms is a winner when it comes to price cutting. Additionally, importing the Astra from Belgium allows the Antwerp plant to operate consistantly at full capacity, which also saves the company money. And of course, we as consumers benefit from this because we finally get the cool European designs we've been drooling over! The Saturn Astra will hit dealerships in the US next month.
Category: Saturn, Sales and Financial
Comments (2)
Sale of Allison Completed
Posted Aug 09, 2007 @ 10:09 pm
Yesterday General Motors completed the sale of Allison Transmition to two private equity firms, the Carlyle Group and Onex Corp. The transaction netted the company a hefty $5.6 billion.
GM sold off Allison's semi-truck, buss and military assets while retaining ownership of the White Marsh production facility which makes transmitions for GM's pickup trucks and SUVs.
Category: Sales and Financial
Yesterday General Motors completed the sale of Allison Transmition to two private equity firms, the Carlyle Group and Onex Corp. The transaction netted the company a hefty $5.6 billion.
GM sold off Allison's semi-truck, buss and military assets while retaining ownership of the White Marsh production facility which makes transmitions for GM's pickup trucks and SUVs.
Category: Sales and Financial
