Rumour Mill: Gm to halt plans on Volt- lay-offs this week?

[GRtak]

Could this be another of GM's big mistakes?

http://jalopnik.com/5078988/rumor-gm...staff-tomorrow

[Spectre]

Chances are pretty good that they realized with all the delays and all the idiocy they've had with the Volt that they're *not* going to get it out in time to compete with the next-gen Prius.

That's all for GM, folks. Even if this is just a strategy to pressure the government to bail out GM faster, it's curtains. The customers have been lied to one too many times; GM was claiming that the Volt was different, that it really was going to happen as they promised - and now this.

[NooDle]

yet another case of epic fail. This whole GM story reads a lot like a 'what not to do' book.

[smib]

I'm not mad, just very disappointed. But as I said, as long as they last long enough to get some Camaros out the door, I think I can deal with a world void of GM.

[Spectre]

If their cash burn rate has accelerated as some speculate it has, they may not be able to get through December.

Their third quarter results are due out today. We'll see what's what then.

[Aston Martin]

After perusing the GM site the other day, they have too many models. Even as a car buff I got confused.

Which has nothing to do with this thread.

[_HighVoltage_]

GM got it all wrong again. They need a big seller, which the Volt would be.
The Camaro, as cool as it might be, will not manage to save them from bankrupcy - it's an enthusiast car, not a big selling vehicle.

[smib]

[jetsetter]

UPDATE: One PR source is telling us this morning that the Volt program is definitely not on hold and another is telling us all options are still on the table. We guess we'll find out later today. UPDATE #2: We're now being told, more vigorously this time, that there's no plan to cut the program.

[smib]

Good. I'm looking forward to the Volt, and I don't want to have to think about anyone being stupid enough to decide to kill it off at this point.

[airmenair]

If getting electric cars out on the road for the masses to drive gets the greenies off the car guys' respective backs about their internal combustion, I am all for it.

[argatoga]

GM won't kill the Volt, too much PR and R&D have been invested into it already. On a related note Ford seems to be much better off with ~30 billion to burn before they go bankrupt. And they only lost $129 million this last quarter.

[Arctor]

Originally Posted by Spectre

If their cash burn rate has accelerated as some speculate it has, they may not be able to get through December.

Their third quarter results are due out today. We'll see what's what then.

GM NEEDS to burn the cash and declare bankruptcy to get out from under the stranglehold of the UAW contracts. They would be fairly profitable without them...

[edkwon]

The Volt seems like a promising car, shame it couldnt be released by a company that actually ran itself properly and with a lineup of decent quality cars.

[tigger]

I'll believe the Volt program is dead when I see a GM flack saying it.

[BlaRo]

I wouldn't be surprised (GM's shot themselves in the foot so many times they're on prosthetic legs) but I'd rather believe a more trustworthy source than some guy who knows some guy whose family member knows a friend whose brother works there and is getting canned next week.

It'd be retardedly suicidal for GM to pull out on the Volt at this point. I fully expect them to do it.

[Dins]

I don't think it's really going to matter a whole lot longer:

http://jalopnik.com/5079567/gm-decla...d-quarter-loss

This has lost the funney and is seriously serious.

[Spectre]

Yup. As some projected, their cash burn rate is up to $2.3B per month with only $15.8B left in the bank and no further credit coming. They have less than six months to live.

They should have declared Chapter 11 bankruptcy last year.

Between the mismanagement, the bad product selection, and the horrifically bad UAW build "kwalitee" on the few products people did buy, they're screwed. Nobody over there realized the original truth - PRODUCT IS KING.

GM could and should have brought their European offerings to the US. Instead, at no time in the past 20 years did they try until just recently; and then it was watered down and "restyled" models. Great going, now DIE.

[tigger]

They just need to declare Ch.11 bankruptcy and get it over with. Get out from under the UAW, restructure, whatever. They should do it while they've still got some assets.

Ha, Spectre beat me to it.

[Spectre]

Heh, yeah. I do that.

Yeah, if they do it once they're out of cash I can guarantee that the judge will say "No, it's not salvagable, go straight to Chapter 7." Heck, they have cash now and they can't find any bank dumb enough to lend them cash. What makes them think that they'll find one when they have no cash?

Another aspect of Chapter 11 is that they can void the dealership contracts - so they can do something like kill Buick and Pontiac (both pointless now) and strip down to three real divisions, preferably Chevrolet, Cadillac and Saturn.