GM's $39B loss is a record!

[Prez]

http://money.cnn.com/2007/11/07/news/companies/gm/index.htm


Sounds like they need to get rid of unions, stop making shitty over priced cars, and then hope they can win buyers back.

Earlier Wednesday, GM rival Toyota Motor (Charts), which had been hit by sluggish sales in its two most important markets, Japan and the United States, nevertheless reported profit rose 11 percent and raised its earnings forecast for the full year.

Ford Motor (Charts, Fortune 500), which lost its long-held title of No. 2 U.S. automaker to Toyota this year, is due to report results Thursday. It is also forecast to report an operating loss.

Toyota may have it's issues too but at least they are making money!

[c0z]

**** GM!

[LastPewterZ]

**** You!!! :)

[Jasen]

Damn, I thought Ford was bad with $12B last year!

[Cobra Commander]

stop making shitty over priced cars


That will happen...... lol

[C.J.]

all domestic manufacturers need to stop producing shitty overpriced cars IMO

[Cobra Commander]

New Ford cars are ****. New GM cars are ****. Dodge cars have always been ****. They are doomed.

[C.J.]

New Ford cars are ****. New GM cars are ****. Dodge cars have always been ****. They are doomed.

QFT

the only thing american manufacturers can do right is build high performance high end out of the reach of normal people cars.

oh and Trucks of course.

[4 cam torino]

Did you even read the article? You can't look at numbers on big companies and assume that means everything is really as good or bad as the number makes it seem.

Among the problems hurting GM results was a $2.3 billion loss in the home loan business at GMAC due to problems from the meltdown in subprime mortgages. GM sold a majority of GMAC but still owns 49 percent of the lender.

In addition, GM took a huge charge in the quarter related to the writedown of tax credits for losses over the last three years.

That caused it to post a net loss of $39 billion
This means operations actually having to do with cars only accounted for 4% of the loss. You can't look at crazy one time charges and judge how the company is doing based on them. When we have meeting to discuss earnings at Goodyear they basically tell us there are one time charges and then proceed to look at all numbers as if they didn't happen because they don't help you see how your company is operating.

[coop]

yeah ** toyota and there quality products...give me more domestic pieces of ****

[Alley]

Sounds like Mopar is the way to go.

[SHIFTER]

Sounds like Mopar is the way to go.

If you're blind and stupid lol

[ADV1]

Did you even read the article? You can't look at numbers on big companies and assume that means everything is really as good or bad as the number makes it seem.

Among the problems hurting GM results was a $2.3 billion loss in the home loan business at GMAC due to problems from the meltdown in subprime mortgages. GM sold a majority of GMAC but still owns 49 percent of the lender.

In addition, GM took a huge charge in the quarter related to the writedown of tax credits for losses over the last three years.

That caused it to post a net loss of $39 billion
This means operations actually having to do with cars only accounted for 4% of the loss. You can't look at crazy one time charges and judge how the company is doing based on them. When we have meeting to discuss earnings at Goodyear they basically tell us there are one time charges and then proceed to look at all numbers as if they didn't happen because they don't help you see how your company is operating.


Damn! you beat me to it!!!

[Prez]

Did you even read the article? You can't look at numbers on big companies and assume that means everything is really as good or bad as the number makes it seem.

Among the problems hurting GM results was a $2.3 billion loss in the home loan business at GMAC due to problems from the meltdown in subprime mortgages. GM sold a majority of GMAC but still owns 49 percent of the lender.

In addition, GM took a huge charge in the quarter related to the writedown of tax credits for losses over the last three years.

That caused it to post a net loss of $39 billion
This means operations actually having to do with cars only accounted for 4% of the loss. You can't look at crazy one time charges and judge how the company is doing based on them. When we have meeting to discuss earnings at Goodyear they basically tell us there are one time charges and then proceed to look at all numbers as if they didn't happen because they don't help you see how your company is operating.

Umm how is that even possible they say in the article 2.3Bl is from the sub prime deal, and Unknown is write down of tax, and an unknown from vehicles.

The 2.3 is relating to sub prime only.

[David]

i blame unions.

it's like a cancer to the auto makers.

[86Shelby]

U.S. News & World Reports-

"GM didn't actually bleed $39 billion in cash—that would be catastrophic, given that its third-quarter revenue was just $26.6 billion—but the big automaker had to set aside $38.6 billion for a kind of reserve required by accounting rules. GM has been restructuring its U.S. operations since 2004, all the while accruing something called "deferred tax credits." Now, the company's auditors have determined that a weak financial position means GM may not be able to claim those credits and must account for their value. The overall loss is the biggest ever at GM."

edit: http://www.usnews.com/articles/business/economy/2007/11/07/whats-behind-gms-39-billion-loss.html?s_cid=rss:whats-behind-gms-39-billion-loss.html

[David]

^^ that makes far more sense now. I was scratching my ballz trying to figure out how you lose 39b.

[C.J.]

i stole it, that is why im driving a subaru and living with my parents.

[SHIFTER]

i blame unions.

it's like a cancer to the auto makers.

I would fully agree, they do nothing but suck the life out of the companies. I honestly believe gm/ford would both be making as good of quality and probably even better than Toyota and Honda. And probably even better cars overall... however this isnt the case right now. Though i will say both ford and gm are headed in the right directions with some of their cars.

[4 cam torino]

Did you even read the article? You can't look at numbers on big companies and assume that means everything is really as good or bad as the number makes it seem.

Among the problems hurting GM results was a $2.3 billion loss in the home loan business at GMAC due to problems from the meltdown in subprime mortgages. GM sold a majority of GMAC but still owns 49 percent of the lender.

In addition, GM took a huge charge in the quarter related to the writedown of tax credits for losses over the last three years.

That caused it to post a net loss of $39 billion
This means operations actually having to do with cars only accounted for 4% of the loss. You can't look at crazy one time charges and judge how the company is doing based on them. When we have meeting to discuss earnings at Goodyear they basically tell us there are one time charges and then proceed to look at all numbers as if they didn't happen because they don't help you see how your company is operating.

Umm how is that even possible they say in the article 2.3Bl is from the sub prime deal, and Unknown is write down of tax, and an unknown from vehicles.

The 2.3 is relating to sub prime only.

What the **** do you mean it's not possible. 2.3 billion is from the subprime and a whole **** load is from the tax thing. It said right at the beginning of the ****ing article how much they actually lost on cars, it was like 1.6 billion without actually going back and reading it again. At least I read it once, which as I stated and you have now proved you obviously didn't do. And I see 86Shelby has backed my statments with the US News and World Reports article.

[4 cam torino]

From the originally posted article
The nation's No. 1 automaker, which was hit with a soft U.S. auto market and a two-day strike by the United Auto Workers union during the quarter, lost $1.6 billion, or $2.80 a share, excluding special items.

Looks like I remembered pretty good. That means the entire rest of the 39 billion was losses from special items, ie the laons and the tax deal.

[82355]

**** Toyota.

Martin

[Prez]

From the originally posted article
The nation's No. 1 automaker, which was hit with a soft U.S. auto market and a two-day strike by the United Auto Workers union during the quarter, lost $1.6 billion, or $2.80 a share, excluding special items.

Looks like I remembered pretty good. That means the entire rest of the 39 billion was losses from special items, ie the laons and the tax deal.

Ok you are right I am wrong. Either way though they still lost money, and that was just this quarter.

[rsisbetter]

since when did gm/ domestic auto makers make "****" ? :roll: Overpriced? not really. EVERY automaker creates defects and flaws among their autoline. Last year VW had ALOT of recalls on their passats and other ****, including brake failure. I havent seen this yet on a gm vehicle. the big point here is "you get out what you put in" if you beat the **** out of your car, it becomes a piece of ****, simple as that.

if anything gm is kicking ass, they've really turned out here in the last couple years, especially slaping a sbc in the impalas/monte carlos/malibu's and gxp's. what other auto maker produces a 400hp OHV engine, and still getting nearly 30mpg. NONE

IMO

[Prez]

slaping a sbc in the impalas/monte carlos/malibu's and gxp's. what other auto maker produces a 400hp OHV engine, and still getting nearly 30mpg. NONE

IMO

HHAHAAHAHAHAAHA yeah right. a 400HP stock OHV engine in the impalas/monte carlos/malibu's and gxp's getting 30MPG... ummm no.

The GXP with the 5.3L 5300 V8: 18/27 (city/highway mpg) makes 303HP. Not 400.

[4 cam torino]

Yeah, it's like the LTZ version of the Impalas that gets over 30 MPG. 27 is still respectable though, on par with other cars in the class that don't have 300 HP.