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.
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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.
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