GM Cancels L.A. Auto Show Press Events
Another sign of trouble
By Alex Ricciuti
November 12, 2008 3:36 PM
Filed Under: American, Corporate/Financial, General Motors, Los Angeles Auto Show
You know an automaker is in trouble when they are canceling press conferences at auto shows. These are the kinds of venues where automakers are supposed to trot out their shiny, new products and rake in all the marketing benefits from the free media exposure.
But GM is in a dire financial situation and it will not be introducing any new models or holding any press events at the L.A. Auto Show. All new intros have been pushed back to the Detroit Auto Show in January.
GM will still be participating in the show and will put on display the extended-range including the production Chevy Volt, as well as several of GM's hybrids.
GM is in the worst position of the big three Detroit carmakers, all of which are facing an unprecedented threat of financial ruin and bankruptcy. Ford still has enough cash on hand to see it through 2009, which will be one of the toughest years in the automotive industry in the US in a long-time. But GM may run out of cash by mid-2009 if they do not receive a bailout package from the US government.
All three US automakers are lobbying Congress and the Bush administration for a bailout package. GM says it cannot wait for the Obama administration to take office and that it urgently needs money in the form of guaranteed government loans before then in order to avoid insolvency and possible bankruptcy.
The automakers are asking for an emergency fund of 25 billion US.
Related Articles
- Nissan Pulls Out of Detroit and Chicago Shows (12 comments
- GM to sell remaining Suzuki stake for 230 million US (2 comments
- German government warms to idea of bailout for Opel (1 comments
- 2009 Detroit Auto Show loses Ferrari, Rolls-Royce and Land Rover (6 comments
- GM Bankruptcy Could Be the Best Solution (26 comments
Comments
They need to slim down to 0 and die.
need4speed:
Why? What has GM done for me other than trick me into buying one of their cars 4 years ago that was an utter POS, i gave up on it and junked it because it pissed me off so much. And it was only 1 year old with 30,000km. I want them to die, and painfully. They ripped me off. And destroyed one of my favourite brands SAAB. DIE DIE DIE
Bad products...which they have had plenty of (Pontiac Aztec!!!)...need to be addressed as well.
GM failed to think into the future when all they wanted to make were gass guzzling SUV's and trucks. Now they want to cry about it and ask for billions of dollars to save their asses. It's pathetic and completely irresponsible. they are betting their entire company on the stupid Volt, which will I predict will fail miserably.Americans need to let go of their emotional attachment to an "american brand". Besides we don't have more room for crappy cars like this.
STS-V 107,000$ Audi S6 106,000$ Merc E63 139,000$ BMW M5 117,000$
With the exception of the S6 all of them are SLIGHTLY more expensive, but they are way more loaded, with CF trim, dual clutch gearboxes, leather covered roof and dash, and the radar cruise control and UV night vision. So you tell me who in their right mind would buy a Caddy, the CTS-V will be the same thing just different category of vehicle. And this applies to all their cars, even if they are cheaper than the competition they lack so many features that it doesn't justify getting them. As a manufacturer they are a complete failure and deserve to pay the price.
Add Comment
- BMW 7 Series M Sport Receives Matt Black Trim Treatment by EAS
- Stig Approved: Caterham Superlight R500 – for £19.50
- Mercedes' AMG Division Considering Diesel?
- Bentley Unveils World’s Most Luxurious Charity Bus
- Porsche Cayman X-Wide by XTR Carchip
- 2011 Mercedes C-Class Facelift Latest Spy Photos
- Superchips Golf GTi MkVI ECU Remap Adds 44bhp
- Try outrunning this! F999 Police Car Unveiled
Latest F1 News
BMW Announce Deal to Sell F1 Team to Peter Sauber
Nov 27, 09 4:30 PM
Force India retains Sutil, Liuzzi
Nov 27, 09 4:00 PM
Ecclestone denies reviving Donington GP bid
Nov 27, 09 4:00 PM
Toro Rosso seat for Hartley possible - brother
Nov 27, 09 4:00 PM
Alonso works hard to win Ferrari 'confidence'
Nov 27, 09 4:00 PM
Canada GP return to be announced on Friday
Nov 27, 09 4:00 PM
American investors to rescue Sauber - report
Nov 26, 09 8:00 PM
Conway, Ericsson to test for Brawn at Jerez
Nov 26, 09 7:00 PM
Hamilton not worried by McLaren-Mercedes split
Nov 26, 09 6:30 PM
Wolff reveals rejected Williams investors
Nov 26, 09 6:00 PM














