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https://www.freep.com/story/money/cars/general-motors/2018/11/26/ontario-plant-closure/ [login to see] /
MAGAAA Due to Trumps incompetence and tariff wars GM is cutting 15% work force, thats huge. Too bad Obama isnt around to save the auto industry again, and it will only get worse. Yet another Dem will have to step in and save the country from financial collapse MAGAAAAA
MAGAAA Due to Trumps incompetence and tariff wars GM is cutting 15% work force, thats huge. Too bad Obama isnt around to save the auto industry again, and it will only get worse. Yet another Dem will have to step in and save the country from financial collapse MAGAAAAA
General Motors to close Detroit, Ohio, Canada plants
Posted from freep.com
Jobs
Economy
Edited 6 y ago
Posted 6 y ago
Responses: 2
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I could have told you this would happen during the Obama administration when they chose the "Soft Bankruptcy" option which is not even an option for most companies in financial trouble it was created as a political solution for a company in deep financial trouble a way of kicking the can down the road for some other President to deal with. GM never fully addressed it's large pension contributions, expensive union contracts, shortsighted management still living in the 1960's. With all that overhead that made it through the "soft bankruptcy" one could see back then a slow and dying death for General Motors. Answer me how this company can ever have a chance to compete when it's base costs to build a car are so much more higher than the Toyota's built in this country? The fact is that it can't compete unless it elevates itself to a super premium brand at the Mercedes level or higher (we know that will never happen) and long term all that overhead GM is carrying on it's back will sink the company. It needs to cut costs in those areas as well. In regards to producing so many cars on so many different platforms, it was identified as an issue in 1990.........yet here we are so many decades later and not much change.
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LTC David Brown
SSgt Ray Stone - Obama “saved “ GM at a cost of about $12 Billion to the tax payer. GM’s thank you included building a plant in China. https://www.nbcnews.com/business/autos/oops-gm-bailout-cost-taxpayers-almost-1b-more-estimated-n93816 I am glad Obama isn’t around.
Oops! GM Bailout Cost Taxpayers Almost $1B More Than Estimated
The U.S. government lost $11.2 billion on its bailout of General Motors, more than the $10.3 billion estimated when it sold its remaining GM shares.
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LTC David Brown
SSgt Ray Stone - Not only does GM produce cars in China it is importing cars from China to the US. https://nypost.com/2017/07/02/gm-is-producing-popular-car-in-china-exporting-to-us/
GM is producing popular car in China, exporting to US
China’s hottest auto export to the US is a Buick, and that may not sit well with the Trump administration. General Motors produces the Buick Envision exclusively at a factory in Shanghai, mainly fo…
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SPC Erich Guenther
SSgt Ray Stone - Keep dreaming and this has zero to do with Trump. The warnings were raised at the time Obama was President by former GM employees that a "Soft Bankruptcy" would not work with GM they had to dig deep and clean house like they did before Sloan took over and made GM a powerhouse. Look at the market valuation of GM what is it now, 10 years after the reorganization? Almost the same valuation as Ford Motor Company and Ford never went bankrupt and also used to be a much smaller company than GM............now why do you suppose that is if GM was really "rescued" by Obama? GM continues to shrink smaller and smaller.
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SPC Erich Guenther
SSgt Ray Stone - Also GM sold most of it's overseas production including Adam-Opel (GM Europe), Several GM Asia plants (Korean partnership with Daewoo), Not sure if GM Austrailia is still around or not but I suspect China is one of the last overseas plants they have left. Thats the reason Tarriffs are impacting them, has almost nothing to do with Trump (GM hasn't the worldwide plants to offset the tarriff impacts).......GM has shrunk so small it is almost 100% dependent on sales and production in North America and Mexico. Not Trumps fault they are shrinking that was set in place by Obama in 2008 when he did not clean house fully for political reasons the Unions got off without a haircut, the Pensioners didn't sacrifice a penny, and most of the former Executives were allowed to keep their stock holdings. What kind of Bankruptcy is that that robs the common shareholder? Oh, it's an Obama designed bankruptcy.
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