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"For the industry as a whole, we're expecting the weakest month in years" - Analyst (http://money.cnn.com/2008/06/30/news/companies/GM/index.htm)

http://www.cleanmpg.com/photos/data/501/GM_Logo.jpgBen Rooney - CNNMoney - June 30, 2008

Last fall GM had $30B of cash...it's under $24B now and could be $14B at the end of 2009 (source: Business Week (http://www.thetruthaboutcars.com/business-week-gms-burning-cash-like-rubber/)) -- Ed.

Shares of General Motors fell Monday, at one point trading at their lowest level since 1954, on the eve of what's expected to be a dismal report on June vehicle sales.

GM stock ended down 5 cents to $11.50 a share after hitting a low of $10.57 earlier in the session. That was the lowest level for the company's stock since Sept. 22, 1954, when it traded at $10.49 on a split-adjusted basis, according to data from the University of Chicago's Center for Research in Security Prices.

So far this year, shares of the nation's largest automaker have lost half their value… http://money.cnn.com/2008/06/30/news/companies/GM/index.htm

In March GM had 21 billion in cash which sounds good, but they also have 70 billion in accounts payable (bills owed in the short term) and 5.9 billion in short/long term debt. Another 38 billion in long term debt and 76 billion in "other liabilities.

They have 21 billion in inventory, much of which probably won't be sold at the value they are carried (SUV's and returning leases.)

This is an 11.50 stock that lost 74.28 in the last year. Personally, I don't see how they can stay in business.

Good Job, Klutz! Worst management I've ever seen!

Just keep up the stupid "we'll direct sales by denying them high MPG cars and giving them psuedo-hybrids" and your company WILL go down the drain.

When is GM going to wise up and get Mr. Swaggering Arrogance out of the office?

GM has much of it's fleet now on par or even better than comparable offerings from overseas. That and with the Beat concept and the Volt I'm sure they could pull a turnaround.

But my personal opinion on the matter is as long as GM is stuck making cars inside the US then they will never create the profits needed to pull ahead. The rising costs of living and all other things will eat away all of GM's profits.

Good Job, Klutz! Worst management I've ever seen!

Just keep up the stupid "we'll direct sales by denying them high MPG cars and giving them psuedo-hybrids" and your company WILL go down the drain.

When is GM going to wise up and get Mr. Swaggering Arrogance out of the office?

The problem goes far beyond one Vice President of General Motors. GM staked its future on the large truck and the SUV and it worked for about 10 years. But the reality of high gas prices has hit and now it has cost them dearly. GM is in the struggle of its life. They were given over $1 billion starting from 1993 to 2001 to begin research for a hybrid-electric vehicle that was mid-size and could get 80 mpg by 2004 in lieu of mandatory CAFE fuel mileage increases. This was a comprehensive well coordinated program called Partnership for a New Generation of Vehicles (PGNV) and DOE, The Department of Commerce and others were involved in the project. (See http://en.wikipedia.org/wiki/Partnership_for_a_New_Generation_of_Vehicles) What we got instead were plenty of concept cars on the covers of magazines like Popular Mechanics, (Anyone remember Chrysler's 120 mpg diesel-electric hybrid?) and at auto shows and the net result was the exponential rise in sales pitch and purchases of large trucks and SUVs.

The incredible thing is that GM and the other 2 Detroit automakers were working with the Department of Energy to develop these high mileage cars and they actually requested the program be shut down in 2001! :eek: That is also around the time, incidentally, that GM killed its EV-1 electric car program. Now GM is on a 24th hour conversion and its betting everything on the Volt. Even if the car comes out in 2010 I don't see it selling in the large numbers that their trucks and SUVs did. The reason is sticker shock. Bob Lutz has stated that the car would have to cost $40,000 just for GM to break even on the deal. It seems GM has not learned its lesson. The last thing you want to do is to discourage people from buying the car before you have had a chance to get it in the showrooms.

The amusing part was that the Japanese automakers took notice and MITI (The Japanese Ministry of International Trade Industry did too and they took Detroit at the word and the result was the Toyota Prius and the Honda Insight which were the most fuel efficient cars the US has ever seen. This was all because GM, Ford and Chrysler thought the era of cheap oil would go on for the foreseeable future.

Yea I sold 1 new car in June.

1!

Luckily I can also sell used cars. But that ain't exactly promising.