Dire Times for the Auto Industry
- Thread starter AtomicGT
- Start date
B O N Y
MODERATOR & FGT OWNER
Because of the great people that work for F, that I personally know, I will only buy F cars for my transportation needs. end of story.
Cobrar
GT Owner
Understand that Nardelli's resume is on Mulally's desk. :biggrin
The response: Thank you for your interest in Ford Motor Company. Home Depot is not considered to be relevant durable goods industry experience. We will retain your resume and contact you should we determine a suitable match in the future.
BlackICE
GT Owner
I don't understand why it takes until 2012 to reduce headcount and plants. They plan to use tax dollars while they bleed and in 2012 they may be in right sized company. Not a business plan I would loan money to!
AP
GM says it needs $12 billion loans by late March
Tuesday December 2, 4:15 pm ET
By Ken Thomas, Associated Press Writer
General Motors says it needs $12 billion in government loans by late March to keep operating
WASHINGTON (AP) -- General Motors says it needs $4 billion in government loans this month and a total of $12 billion by late March to keep operating. The troubled automaker says it plans to slash its numbers of workers, vehicle brands and plants by 2012.
Altogether, the auto giant is seeking up to $18 billion in government funding -- including a $6 billion line of credit in case market conditions worsen.
General Motors Corp. would focus on 4 brands -- Chevrolet, GMC, Buick and Cadillac. By 2012, the plan calls for 20,000 to 30,000 fewer workers, a reduction of nine facilities and 1,750 fewer dealers.
GM CEO Rick Wagoner is offering to work for a dollar a year and top executives will take major pay cuts
AP
GM says it needs $12 billion loans by late March
Tuesday December 2, 4:15 pm ET
By Ken Thomas, Associated Press Writer
General Motors says it needs $12 billion in government loans by late March to keep operating
WASHINGTON (AP) -- General Motors says it needs $4 billion in government loans this month and a total of $12 billion by late March to keep operating. The troubled automaker says it plans to slash its numbers of workers, vehicle brands and plants by 2012.
Altogether, the auto giant is seeking up to $18 billion in government funding -- including a $6 billion line of credit in case market conditions worsen.
General Motors Corp. would focus on 4 brands -- Chevrolet, GMC, Buick and Cadillac. By 2012, the plan calls for 20,000 to 30,000 fewer workers, a reduction of nine facilities and 1,750 fewer dealers.
GM CEO Rick Wagoner is offering to work for a dollar a year and top executives will take major pay cuts
Cobrar
GT Owner
We got into this latest recession in one hell of a hurry - thank you WallStreet/Washington. We will ultimately come out of it, although likely not as quickly as we got into it. When that time comes, will Lincoln be positioned such that it can hold the interest of upper end buyers (sorry, Bony)?
Yes, they are expensive, but curreny valuations are cyclical too. Retaining Volvo might be a good move if it can be positioned as an aspirational brand ~ e.g. mid-luxury step from Ford's line-up. Once the lux segment gets sorted out, and it looks like it going to in a hurry, Volvo may make better financial sense. I may be mistaken but I think the forthcoming EUCD platforms (C/D segment - larger cars) for Europe & US have a Volvo background.
tpraceman
THEE GT OWNER
Over 200 replies and 4000 views.....:bow
Must be important and on several peoples minds.:thumbsup
Bony you deserve another green dot for your pledge.:usa
Dave you get one for the thread if you agree to change your Avatar...were old people:biggrin
Must be important and on several peoples minds.:thumbsup
Bony you deserve another green dot for your pledge.:usa
Dave you get one for the thread if you agree to change your Avatar...were old people:biggrin
Kingman
GT Owner
Yes
Future bleak for U.K.'s Woolworths
Woolworths directors said they are seeking administration, a move similar to bankruptcy protection in the U.S.
By Jeffrey Stinson, USA TODAY
LONDON — One of this country's most-cherished U.S. imports — Woolworths, the British descendant of the old American five-and-dime store — is in danger of disappearing after nearly a century of business.
Enduring affection for the store's old-school candy counters, toys and inexpensive household goods had sustained the brand's survival here more than a decade after it disappeared in the United States. Yet, amid a global financial crisis and changing tastes in retail, the company's directors said last week they were seeking administration, a move similar to bankruptcy protection in the U.S.
The news jolted the public so badly that Prime Minister Gordon Brown stepped in and vowed the British government would do everything possible to ensure that Woolworths' 815 stores would stay open, and its 30,000 employees would have jobs through Christmas.
"I will be sad to see it go," said Deborah Salloum, 45, as she exited the Woolworths store on busy Camden High Street in north London Saturday with a bag of just-purchased lights for her Christmas tree. "It's just always been there. I don't know what will replace it."
Woolworths — or "Woolies," as it's affectionately known here — started in Britain in 1909. The first store was opened in Liverpool by Frank Woolworth, who founded the American five-and-dime stores that carried his name in 1878 in Pennsylvania. Stores here were like those across America: They offered everything a household needed at an inexpensive price.
"You can get all that you want," said Salloum's husband, Michael, 32. He left with new salt and pepper shakers for his nearby restaurant.
Inside the Camden "Woolies," Christmas wrapping paper is available for the equivalent of $2-$3. You can get a cheese grater for about $5. Candy, DVDs, bed sheets, toys like Power Rangers, pencils and writing paper can be had for the equivalent of $1 to $20. Cluttered shelves hold everything from dishes to leftover Halloween costumes.
U.S. stores, called Woolworth's, began closing in the 1980s before the U.S. company that owned them gave up operating as a general discount retailer in the 1990s. A British firm bought the stores in Britain in 1982 and continued to operate. Similar retail stores carrying a version of the old Woolworth name operate separately in Germany, Mexico and South Africa.
On the surface, Woolworths appears to be a victim of a global economic downturn that is hitting Britain. The nation's biggest business lobby group, the Confederation of British Industry, said Friday that a survey of member retailers indicated sales the first two weeks of November were down the most in 25 years.
However, Geoffrey Wood, professor of economics at the Cass Business School at City University London, said it was a "miracle" that Woolworths has hung on as long as it has.
"Have you been in a store lately?" he said. "I have. It was such a mess. It's hopeless."
Other British discount chains offer better-stocked shelves and aisles, better prices and better service than Woolworths has for years, Wood said.
Perhaps the only thing that has kept the chain alive, he said, is its stores are well located. Those locations, he predicted, will be what any buyers wishing to pick up a piece of Woolies at bankruptcy prices will want.
Under the British system, administrators are appointed to salvage as much money as possible for the company's creditors. Previous attempts to sell the company failed.
Barbara Mundy, 75, who says she's been shopping at Woolies all her life, agrees that the store she once knew is gone.
"It used to be very good," she said. "You could get everything at Woolies except food. Now, all they have are sweets and toys. There's no service at all anymore."
Still, she was at the Camden store Saturday to pick up "a few things." And, she lamented, "What will replace it — another coffee shop?"
B O N Y
MODERATOR & FGT OWNER
Tom, because of this forum, there are enough folks that I have met and respect that if I have to drive a Focus, I will... I have plenty of HP in the garage and nothing to prove to anyone.
Go to a Ferrari event and see how many factory folks attend and that you can approach... with any question. Remember Newport and the grief that Jamal was subjected to? Recall Hermann attending the track day in Vegas and then speaking to us... How about Kip developing neat parts and willing to share his expertise??? Lets not forget.. or shame on our parents for not doing a better job raising us... These are real folks who have their jobs on the line...
Do you recall that they gave us owners the chance to buy their test vehicles, when they could have sold them for much more at Barrett Jackson and donated the profits to charity plus gain huge public relations benefits?
Check out the tittle of this thread... dire times, take a personal inventory, what are we made of??
lets not forget.,.,,,,,,,,,,,
I am done.
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Waldo
GT Owner
Loyalty
Jason,
I am writing this while wearing my fashionable Black Sheep Squadron T-shirt sent to me by my favorite Marine. Thank you.
Charley will be 16 in just a few days. His first car will be my Ford Expedition for the same reason your wife had one. I trust it will protect him. I replaced my Ford Expedition with a brand-new 2008 Ford Taurus Limited. An incredible car with tons of room, an enormous trunk, a backseat that will hold three big high school football players, 22 miles to the gallon, 18 inch wheels, it handles great, and hauls ass!! I bought it brand-new for $24,000!!! The deal of the century! Two months ago I added 2009 Mustang GT500 to my stable and it sits next to my 2007 Shelby Mustang. My sister Cindy just bought a new Fusion and she loves it. Forum member Piccola got into the act by purchasing a brand-new Ford Focus. When Veronica totaled her Lexus and wanted a two seat convertible, her only choice was the (Ford owned) Mazda MX-5.
I am with Daniel on this one. My family buys only Ford products. I don't care how you feel about the UAW, the bail out, or anything else. These are our friends and they need all the support they can get during these difficult times. If you're going to buy a vehicle anyway in the next couple of years, by a Ford now. If it makes sense to trade your current car for something that would serve you better, trade for a Ford product now. If know of a friend or family member who is going to buy a car, take them to a Ford dealership and show them the spectacular products and amazing deals Ford is offering.
I don't care if something else might have slightly better resale, I don't care if Consumer Reports ranks some Asian model slightly higher, and I don't care if your kids think that the Japanese "Yimme Zazuga SX" is cooler. You'll feel better driving around town staring at the blue oval in the center of your steering wheel instead of a three pointed star or whatever else.
Reciprocity is the key to lasting happiness. Ford Motor Company and its employees have supported the Ford GT owner group long after that car ceased production. That Great American Company deserves our loyalty today.
Chip
Jason,
I am writing this while wearing my fashionable Black Sheep Squadron T-shirt sent to me by my favorite Marine. Thank you.
Charley will be 16 in just a few days. His first car will be my Ford Expedition for the same reason your wife had one. I trust it will protect him. I replaced my Ford Expedition with a brand-new 2008 Ford Taurus Limited. An incredible car with tons of room, an enormous trunk, a backseat that will hold three big high school football players, 22 miles to the gallon, 18 inch wheels, it handles great, and hauls ass!! I bought it brand-new for $24,000!!! The deal of the century! Two months ago I added 2009 Mustang GT500 to my stable and it sits next to my 2007 Shelby Mustang. My sister Cindy just bought a new Fusion and she loves it. Forum member Piccola got into the act by purchasing a brand-new Ford Focus. When Veronica totaled her Lexus and wanted a two seat convertible, her only choice was the (Ford owned) Mazda MX-5.
I am with Daniel on this one. My family buys only Ford products. I don't care how you feel about the UAW, the bail out, or anything else. These are our friends and they need all the support they can get during these difficult times. If you're going to buy a vehicle anyway in the next couple of years, by a Ford now. If it makes sense to trade your current car for something that would serve you better, trade for a Ford product now. If know of a friend or family member who is going to buy a car, take them to a Ford dealership and show them the spectacular products and amazing deals Ford is offering.
I don't care if something else might have slightly better resale, I don't care if Consumer Reports ranks some Asian model slightly higher, and I don't care if your kids think that the Japanese "Yimme Zazuga SX" is cooler. You'll feel better driving around town staring at the blue oval in the center of your steering wheel instead of a three pointed star or whatever else.
Reciprocity is the key to lasting happiness. Ford Motor Company and its employees have supported the Ford GT owner group long after that car ceased production. That Great American Company deserves our loyalty today.
Chip
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Indy GT
Yea, I got one...too
Neilda
GT Owner
I would be tempted to issue that advice in here in the UK too.
Ford employs many thousands over here and is part of our culture too - they also did wonderful things with Aston Martin.
The last thing any of us want is something to happen to Ford.....
Ford employs many thousands over here and is part of our culture too - they also did wonderful things with Aston Martin.
The last thing any of us want is something to happen to Ford.....
THamonGT
GT
Very well said Chip, As a recently retired FORD dealer I will always purchase Ford products as I know Ford quality is equal to many and better than most and even getting better with each new product. I have purchased quite a lot of FORD stock recently and truly believe in their comeback. US buyers deserve a better US Car Company and I personally think FORD will be that company! Tomy Hamon
S592R
GT Owner
- Dec 3, 2006
- 2,800
Gentlemen,
The thread started on "bailout" and has shifted to support for FORD specifically. I thought Ford's comment about just needing a "stand-by credit line in case another manufacturer failed" was very revealing. FORD seems to have taken every logical step that proper management should take to turn a situation around. I am not opposed to FORD or any of the manufacturers survival truly the opposite is felt. For the record recently several family members and friends here have purchased Ford products largely on the recommendation of the reliability of FORD product, several answers to "why FORD GT and not Ferrari?", and the excellent bang for the buck that is represented there. All of which are great points for a business to operate on. (reliability, owner loyalty, and value of great product)
What several members here have tried to state is very simple. Government should not be in the banking business if capitalism is indeed going to survive in this country. Government should be enabling the banking industry to provide lines of credit to help all industry in the United States. Frankly, if truth be told I would rather see government NATIONALIZE the banking industry or at least threaten to in order to shock the arrogant sob's in to doing what needs to be done. Infuse 300 billion into an industry and say "go help the auto companies" and get a "NO" in response? Why has no one picked up on that?
Jamal, Kip and the rest are all great guys and I hope they have long careers at a healthy blue oval as it seems that FORD is truly headed that way.... but, if a company can't be profitable based upon their performance then frankly that company does not need to be supported by government subsidy in a capitalistic economy or you end up with a cold war era VOLGA.
Now with that said ... if your in the market for a good quality car/truck go look at FORD first. Buy on quality.
The thread started on "bailout" and has shifted to support for FORD specifically. I thought Ford's comment about just needing a "stand-by credit line in case another manufacturer failed" was very revealing. FORD seems to have taken every logical step that proper management should take to turn a situation around. I am not opposed to FORD or any of the manufacturers survival truly the opposite is felt. For the record recently several family members and friends here have purchased Ford products largely on the recommendation of the reliability of FORD product, several answers to "why FORD GT and not Ferrari?", and the excellent bang for the buck that is represented there. All of which are great points for a business to operate on. (reliability, owner loyalty, and value of great product)
What several members here have tried to state is very simple. Government should not be in the banking business if capitalism is indeed going to survive in this country. Government should be enabling the banking industry to provide lines of credit to help all industry in the United States. Frankly, if truth be told I would rather see government NATIONALIZE the banking industry or at least threaten to in order to shock the arrogant sob's in to doing what needs to be done. Infuse 300 billion into an industry and say "go help the auto companies" and get a "NO" in response? Why has no one picked up on that?
Jamal, Kip and the rest are all great guys and I hope they have long careers at a healthy blue oval as it seems that FORD is truly headed that way.... but, if a company can't be profitable based upon their performance then frankly that company does not need to be supported by government subsidy in a capitalistic economy or you end up with a cold war era VOLGA.
Now with that said ... if your in the market for a good quality car/truck go look at FORD first. Buy on quality.
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I'm watching the various members of Congress barbequing each of the auto industry execs, and I can't help wishing that one of the execs, just one, would stop in the middle of the proceedings and tell the congressmen:
"Members of Congress, we are here begging for bailout money because we have been dumb enough to sign contracts that were overly generous to the Unions. We have tried to employ people in various places in the U S of A when it would be cheaper and easier to build cars elsewhere, where we wouldn't have to worry about health care costs, litigation issues, and potential legacy problems. We have tried to adhere to every goofy f-ing rule that you have hamstrung the auto industry with over the last 40 years while our foreign competion grabs market share on an uneven playing field. We have tried to build cars that the government says we need to build but customers don't want to buy and spent billions getting nowhere. We have institued safety measures to make our products safer, yet you complain that the cars are too heavy and use too much fuel. Over the last 80 years, we have been, for the most part, highly profitable companies employing tens of thousands of Americans for years, and the auto companies have paid among the highest corporate taxes in the world. But now that things have dramatically changed, we need help, and we are not without blame. But answer this for me, members of Congress. When have you ever created anything? Employed generation after generation of Americans and provided them a better than middle class lifestyle? Paid out billions in pension benefits? Helped to build entire cities and communities around our major manufacturing centers? As Ronald Reagan said nearly 30 years ago about governments view of business, "If it moves tax it. If it continues to move, regulate it. If it stops moving, subsidize it." Well, you've taxed and regulated us to death. So now we need a temporary subsidy. But how about this. After we get back on our feet, you get off our backs?
Thank you, members of Congress."
I doubt that he'd get anywhere, but it would be nice to have spell it out to them...
"Members of Congress, we are here begging for bailout money because we have been dumb enough to sign contracts that were overly generous to the Unions. We have tried to employ people in various places in the U S of A when it would be cheaper and easier to build cars elsewhere, where we wouldn't have to worry about health care costs, litigation issues, and potential legacy problems. We have tried to adhere to every goofy f-ing rule that you have hamstrung the auto industry with over the last 40 years while our foreign competion grabs market share on an uneven playing field. We have tried to build cars that the government says we need to build but customers don't want to buy and spent billions getting nowhere. We have institued safety measures to make our products safer, yet you complain that the cars are too heavy and use too much fuel. Over the last 80 years, we have been, for the most part, highly profitable companies employing tens of thousands of Americans for years, and the auto companies have paid among the highest corporate taxes in the world. But now that things have dramatically changed, we need help, and we are not without blame. But answer this for me, members of Congress. When have you ever created anything? Employed generation after generation of Americans and provided them a better than middle class lifestyle? Paid out billions in pension benefits? Helped to build entire cities and communities around our major manufacturing centers? As Ronald Reagan said nearly 30 years ago about governments view of business, "If it moves tax it. If it continues to move, regulate it. If it stops moving, subsidize it." Well, you've taxed and regulated us to death. So now we need a temporary subsidy. But how about this. After we get back on our feet, you get off our backs?
Thank you, members of Congress."
I doubt that he'd get anywhere, but it would be nice to have spell it out to them...
I just wish someone would laugh when one of the "grillers" says "We'll give you the money when you show us you can be responsible with it." This is like watching a crack addict with a heroin needle hanging out of his arm telling a kid to quit smoking.
Everythings under complete control!!
Gentleman,
Occasionally events and circumstances present themselves such that a less than happy ending appears all but inevitable. Those of us who have invested a substantial portion of our savings in our domestic automakers along with the men who are currently trying to keep those companies afloat are certainly on a wild ride now. None of us know how this is going to end up and we must certainly keep the faith.
Do you ever wonder what it would feel like to be in Alan Mullally's shoes today?
Chip
Gentleman,
Occasionally events and circumstances present themselves such that a less than happy ending appears all but inevitable. Those of us who have invested a substantial portion of our savings in our domestic automakers along with the men who are currently trying to keep those companies afloat are certainly on a wild ride now. None of us know how this is going to end up and we must certainly keep the faith.
Do you ever wonder what it would feel like to be in Alan Mullally's shoes today?
Chip
