GM no longer #1

[stomperrob]

...after 77 years at the top!

GM loses to Toyota as top global automaker
Wed Jan 21, 11:20 AM

CHICAGO (AFP) - General Motors was eclipsed by Toyota as the world's largest automaker for the first time in 77 years as the troubled American giant Wednesday reported sharply lower global sales.

Reeling from plunging sales at home and abroad amid a widening recession, GM said it sold 8.35 million vehicles globally in 2008 compared with the Japanese rival's 8.97 million.

GM's total sales were down 11 percent from those in 2007, reflecting continuing global economic pressures that include tightening credit, falling commodity prices and lack of economic growth.

GM said its nearly three percent growth in both the Asia Pacific and Latin America, Africa and Middle East regions partially offset North America sales that declined 21 percent, and growing pressure in Europe that resulted in seven percent fewer sales. Sales for the fourth quarter were down by double digits in every region and 26 percent globally.

con't...

rest of article: http://ca.news.finance.yahoo.com/s/2101 ... maker.html

[Tyeattolah]

not surprising, but I remember reading an article somewhere back around Christmas time that Toyota was also facing difficulties. I'll have to look around but will post as soon as I can find it.

Our countries economic woes run far and deep!

[knapplc]

not surprising, but I remember reading an article somewhere back around Christmas time that Toyota was also facing difficulties. I'll have to look around but will post as soon as I can find it.

Our countries economic woes run far and deep!

It's not just America, too. We're kind of the bell cow for the world economy. If America sneezes the whole world catches cold.

This is going to get worse before it gets better, but I think we're in a position where the kinds of abject poverty we saw in The Great Depression are a thing of the past. We have a scale of production that far surpasses what we were capable of in the 1930s, which will help blunt the effects of a severe depression. Still, too many jobs lost will affect that production. We have a lot of work to do.

[chadlincoln]

Congratulations to the UAW. Another feather in your cap.

[Madison]

GM falls from #1 to #2 and they need a bailout from the taxpayers?

[moochman]

GM falls from #1 to #2 and they need a bailout from the taxpayers?

Not a bailout, a loan. The money the automakers will receive is repayable. The banks were given a bailout, not a penny do they pay back or even have to account for. If you've been following it at all, look at the continued abuse that's come of it. John Thain, a CEO for Bank of America recently got fired. Not before it was found that he took some bailout money and gave bonuses to his cronies before he was to announce loses bigger than expectations.
True, GM may still be #2, but they are losing tons and fast. And they really should get bailed out. This country doesn't have a clear picture of what could happen to the economy if one of the American automakers should go out of business.
They need help to keep employees working and keep money in the economy. I lost faith in the Automobile industry when they refused to make and market small cars to keep up with Toyota. But I still have faith in American competitiveness and that GM and Ford, with help, can turn things around and help make this country strong again. But they need help right now.
To me, this isn't about GM or Ford, it's about the American manufacturing industry. It's time the government started to protect the country's best interests.

[Madison]

GM falls from #1 to #2 and they need a bailout from the taxpayers?

Not a bailout, a loan. The money the automakers will receive is repayable. The banks were given a bailout, not a penny do they pay back or even have to account for. If you've been following it at all, look at the continued abuse that's come of it. John Thain, a CEO for Bank of America recently got fired. Not before it was found that he took some bailout money and gave bonuses to his cronies before he was to announce loses bigger than expectations.
True, GM may still be #2, but they are losing tons and fast. And they really should get bailed out. This country doesn't have a clear picture of what could happen to the economy if one of the American automakers should go out of business.
They need help to keep employees working and keep money in the economy. I lost faith in the Automobile industry when they refused to make and market small cars to keep up with Toyota. But I still have faith in American competitiveness and that GM and Ford, with help, can turn things around and help make this country strong again. But they need help right now.
To me, this isn't about GM or Ford, it's about the American manufacturing industry. It's time the government started to protect the country's best interests.

There's a long thread about the bailout on the baseball side, so my comment was more pointed than I led to believe. GM needs a taxpayer bailout because they run a poor business model (same for the entire "Big 3"). I'd support a "loan" if all 3 companies fired basically everyone who wears a suit to work, because at that point changes could be made to make them profitable. But that's not what they want, they want to continue to run a poor business model so there's no way they'd be able to pay back the "loan", which makes it a bailout and flushing money down the toilet.

And yes, I stipulate the union is a major problem with the auto industry as well.

[moochman]

GM falls from #1 to #2 and they need a bailout from the taxpayers?

Not a bailout, a loan. The money the automakers will receive is repayable. The banks were given a bailout, not a penny do they pay back or even have to account for. If you've been following it at all, look at the continued abuse that's come of it. John Thain, a CEO for Bank of America recently got fired. Not before it was found that he took some bailout money and gave bonuses to his cronies before he was to announce loses bigger than expectations.
True, GM may still be #2, but they are losing tons and fast. And they really should get bailed out. This country doesn't have a clear picture of what could happen to the economy if one of the American automakers should go out of business.
They need help to keep employees working and keep money in the economy. I lost faith in the Automobile industry when they refused to make and market small cars to keep up with Toyota. But I still have faith in American competitiveness and that GM and Ford, with help, can turn things around and help make this country strong again. But they need help right now.
To me, this isn't about GM or Ford, it's about the American manufacturing industry. It's time the government started to protect the country's best interests.

There's a long thread about the bailout on the baseball side, so my comment was more pointed than I led to believe. GM needs a taxpayer bailout because they run a poor business model (same for the entire "Big 3"). I'd support a "loan" if all 3 companies fired basically everyone who wears a suit to work, because at that point changes could be made to make them profitable. But that's not what they want, they want to continue to run a poor business model so there's no way they'd be able to pay back the "loan", which makes it a bailout and flushing money down the toilet.

And yes, I stipulate the union is a major problem with the auto industry as well.

I can't help but agree with the idiocy of keeping all the high priced suits whose lack of innovation has led the big 3 to the edge of bankruptcy. Sadly, it's not about what GM wants, it's more that Corparate America will not support a major business that doesn't play by the rules. And those rules are you pay top dollar for upper management or we don't have faith in your Co.
And the unions have out-grown their usefulness for the industry. But they have given some pretty major concessions and will have to continue to do so. The loans are only flushing money down the toilet if they don't prevent the closing of one of the big 3. We lose one and we will plunge further into recession towards depression. That will cost much more to us all than any loan they are looking to give GM.