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GM takes $25bn governmant grants and runs out of cash
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by SOLARLIFE | November 7, 2008 at 02:45 pm
143 views | 4 Recommendations | 2 comments
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GM spend the $25bn aid, run out of cash
$25bn just used to fix holes in the financial system, not a dime for fuel efficent cars as promised. Forget this industry, no economy engine, just lost orders. Shares to go to Zero.
General Motors shook an already embattled auto industry Friday as it reported a huge quarterly loss that was much worse than expected and warned it is in danger of running out of cash in the coming months.
The nation's largest automaker reported that it lost $4.2 billion, or $7.35 a share, excluding special items. That's up from the loss $1.6 billion or $2.86 a share it reported a year earlier and was far worse than the forecast of analysts surveyed by earnings tracker Thomson Reuters, which had forecast a loss of $3.70 a share.
But the most shocking news came in its statements about its cash position. GM said it had burned through $6.9 billion during the quarter and warned that it "will approach the minimum amount necessary to operate its business" during
Most RecentMost Recommended Comments (2)
at 21:01 on November 8th, 2008
Fuel efficiency ... "This is just my Opinion.. so take it as just that.." for companies to be forced to create Fuel efficiant or .. alternate fuels. what must happen? Well it does not look like it now with gas prices dropping but in the near future I think you will see them rise exponentialy .. this will be the only way GM Ford..ect.. will be "forced" to create the market niche for reall fuel efficiency. Taxes will make it unberable to step up to the pump and for these folks to stay in biz... they will have to adapt.
at 10:28 on November 10th, 2008
corbinse...GM..what must happen ? Thanks for comment