General Motors (GM) 01 (Jun 08 - Jul 10 )

[helios]

alright!

We shall plan for a comeback too

[millionairemind]

I bet bumblebee helped move sales..

GM Says Orders for Camaro Sports Cars Outrun Supply (Update1)
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By Katie Merx


June 25 (Bloomberg) -- General Motors Corp., rushing to emerge from bankruptcy as a profitable automaker, can’t keep up with demand for the 2010 Chevrolet Camaro sports car.

GM has filled about half the 25,000 Camaro orders taken, said Terry Rhadigan, a GM spokesman. Dealers, staggered by GM’s 42 percent U.S. sales decline in the first five months of the year, report that the new vehicles sell within days. Analysts say they sell for about $500 more than sticker price on average.

“I won’t have a stocked Camaro for probably a year,” said James Schmid, general sales manager at Bartow Chevrolet in Bartow, Florida. His Chevy dealership sold both its showroom Camaros at list price within a day of arrival, he said. That’s in addition to 18 custom orders the dealer filled.

GM said it began producing the muscle cars in March, and it sold 5,463 in May, according to industry researcher Autodata Corp. of Woodcliff Lake, New Jersey. The Camaro competes with Ford Motor Co.’s Ford Mustang and Chrysler Group LLC’s Dodge Challenger.

The Camaro may benefit from its use as Bumblebee in the movie sequel “Transformers: Revenge of the Fallen,” which opened in theaters yesterday.

GM describes the Camaro as having a “taut, athletic design” that builds off the 1960s version.

No Incentives

The Camaro starts with a sticker price of $23,040 for the LS model with a V-6 and GM isn’t offering incentives, Kelley Blue Book reports.

“It is actually commanding a premium right now, as it is selling slightly above MSRP,” said Joanna McNally, a Kelley Blue Book spokeswoman. “Camaros are currently selling for nearly $500 above MSRP.”

The sports car, made in Oshawa, Ontario, is available with a 3.6-liter, direct-injected V-6 engine or a 6.2-liter V-8. When powered by the V-6, the Camaro is rated at 29 miles per gallon on the highway and 18 mpg in the city with an automatic transmission.

“The moral of the story is: design still sells,” said Erich Merkle, an independent auto analyst. “The American automakers can make a comeback if they keep their eye on the ball and design vehicles people have to have.”

Scott Montgomery, general manager at Les Stanford Chevrolet Cadillac in Dearborn, Michigan, said the Camaro is a bright spot in a difficult time. Chevrolet sales in the U.S. fell 39 percent in the first five months of the year.

The dealership has sold 15 or 20 Camaros, and new arrivals will move in a matter of hours, not days, Montgomery said.

“If I could get 50 more, I’d be in heaven,” he said.

[kennynah]

GM has been trying to sell their Hummer series to a Chinese car manufacturer...pending Chinese govt's approval...

[kennynah]

GM May Have To Sell China Unit To Get Taxpayers Back Their Money

Posted: July 1, 2009 at 5:19 am



The Administration says it wants a “quick exit” from its investment in GM. The taxpayers should not have to own a US auto company any longer than they have to. The problem is that, by most estimates, GM would have to have a market value of $50 billion for the government to recoup its money. That is not likely to happen while GM waits for the US vehicle market to recover.

The federal government could get a great deal of its cash back if GM sold its operations in China.

According to Dow Jones, “General Motors Corp. said Wednesday its first-half sales in China rose 38% to a record 814,442 units.” That is not as many cars as it sells in America, but US sales are shrinking at about the rate that they are growing in the world’s most populous nation. Many analysts expect that total vehicles sales for all car companies in China will top those in the US for the first time ever in 2009.

GM says it can double Chinese sales in five years, which would take its total to over two million. That would make the unit worth tens of billions of dollars if the prices of much less successful companies like Jaguar and Saab that have been sold in the last year are any indication.

The Treasury ought to be telling GM that it will have to survive based on whether or not its new balance sheet and lower-cost American operations can support the firm. China should belong to taxpayers. It is their only chance to exit their investment in GM whole.

[helios]

July 6 (Bloomberg) -- General Motors Corp. won approval to sell most of its assets to a U.S. Treasury-funded buyer, cementing the Obama administration’s efforts to remake the auto industry and leaving restructuring professionals with several years of work to liquidate the leftovers.

Source: Bloomberg.com


let's keep in lieu ...

[kennynah]

i think scoop some lah.... 70cents risks.... i can stomach i guess... but small small kichi kichi will do lah....

[helios]

GM expected to exit bankruptcy Friday

DETROIT, Michigan: General Motors is expected to announce its speedy exit from bankruptcy protection Friday through the sale of its best assets to a new automaker in which the US government will hold a majority stake.

Source: CNA.com

anyone interested??

[millionairemind]

Scaly another AIG?? Lost 50% after the massive consolidation....

[iam802]

or it could be a case that nobody wants to buy GM cars....sales not picking up...poor dealership mgnt......etc

[millionairemind]

July 10, 2009, 8.19 pm (Singapore time)

GM exits bankruptcy: report

WASHINGTON - Representatives for US government and General Motors signed documents early on Friday transferring the automaker's good assets to a new government-supported car company, the New York Times reported in its online edition.

The company's speedy exit from bankruptcy protection came less than a day after a US court cleared the sale despite some 850 objections from creditors and a last-minute appeal by the family of a car accident victim.

GM's top assets include the well-known brands Cadillac, Chevrolet and GMC.

They will now belong to a government entity that will be re-named the General Motors Company, the Times reported.

The US government will own about 61 per cent of the new auto company, while a United Auto Workers union health care trust, bondholders and the Canadian government will own the rest, according to the Times.

The move had been anticipated, and GM CEO Fritz Henderson is scheduled to speak to reporters at 1300 GMT at the automaker's Detroit headquarters.

Once the world's largest corporation, General Motors sold more vehicles than any other automaker from 1931 through 2007, after which it lost the crown to Japan's Toyota.

The 'new GM' will be a leaner, smaller company after having shed tens of thousands of workers, eliminated or sold storied brands, shuttered scores of factories and rewritten its labour contracts to slash costs.

Several brand owned by the old GM, including Saturn, Hummer, Opel and Pontiac, have been sold or are being sold. -- AFP