General Motors CEO Rick Wagoner will host a press conference Tuesday morning to announce the company’s plan on how to deal with the slumping U.S. market, a new report finds. The announcement is said to outline “company actions to better align business to the current market conditions”.
Although bankruptcy rumors have been swirling over the past few weeks, insiders tell Automotive News that the announcement will not include GM filing for Chapter 11 protection. It is also highly unlikely that Wagoner will announce any management changes.
GM’s sales are down 16.3 through the first six months of 2008, largely due to truck sales that are down 22.2 percent. Not helping the cause is that fact that GM’s stock plummeted to $9.38 today, the stock’s lowest price since the 1950s.
07/14, 5:35 PM
posted by:
mayer_ray_nagin
Yes! More Camaro news!
07/14, 5:59 PM
posted by:
Gregg
Salaried workers may want to stay home for
a while.
07/14, 6:15 PM
posted by:
F451
“It is also highly unlikely that Wagoner will announce any management changes.” Rendering the entire press conference useless.
07/14, 7:12 PM
posted by:
xkr
HAHA!
07/14, 7:20 PM
posted by:
400horseSS
Maybe we’ve been bought out by In-bev too.
07/14, 7:37 PM
posted by:
howsmydriving
Too bad there won’t be a management shake-up announcement.
07/14, 7:44 PM
posted by:
F451
“Maybe we’ve been bought out by In-bev too.” Well, not such a bad thing…at least everyone would leave the conference happy, if not downright inebriated!
07/14, 8:02 PM
posted by:
400horseSS
Where the hell is Deanster ?
07/14, 8:40 PM
posted by:
TomF
I bet they announce the Aveo LTZ, then get off the podium.
07/14, 9:13 PM
posted by:
Madcapp
I know the plan…Bankrupcy, then asset liquidation.
07/14, 9:20 PM
posted by:
elviososa
Haaaa…I guess GM is in worse shape than Ford.
07/14, 9:37 PM
posted by:
DeansterTJ
I’m here, just got back from Greece. Have no idea what the **** is going on in the news, spent 3 weeks on the beach playing cards and getting wasted.
07/14, 10:03 PM
posted by:
hateful83
Like we’ve said before, GM offers too much in North America given the current market conditions. Too much overlap with products (Outlook, Acadia, Traverse, Enclave) for example are essentially the same models. There’s too much competition in the U.S. to be set up like this. Regardless of how good those four might be, GM would’ve been better off combining the money it took to develope & market them individually to create a single class leading product. Hopefully they’ll be able to scale down enough to quiet the bankrupcy talk, and maybe even become profitable here again.
07/14, 10:19 PM
posted by:
johnnycanuck
Rumour has it he’s going to announce that Carbob Lutz will be guest hosting The Price Is Right next week in order dispel the perception that GM’s in such bad shape they can’t even give their cars away.
07/14, 10:33 PM
posted by:
400horseSS
^Nobody can give their cars away, and Deanster how are the b*tches over there?
07/15, 1:17 AM
posted by:
Need4SSpeed
Welcome back DeansterTJ, where in Greece did you stay?
Yeah, I forgot that since GM is posting sales increases and market share increases in all of the other parts of the world they have no choice but to file for bankruptcy?
hey elviososa, Has Ford’s stock reached $0.00 yet???? It’s pretty close… So whose in worse shape?