Okay, so the Detroit Three have finally got their money, but exactly the amount they wanted but it’s money. They asked for US$34 billion but only got US$15 billion. Seems now they’re heading north, asking another country for money.
GM, Chrysler and Ford is asking for a collective US$6 billion in loans, of which US$2 billion is a request from Ford and only a “stand-by” line of credit in-case the situation gets worse. Ford seems to be the least affected of all 3, could it be they are actually making cars people want to buy?
GM seems to be the worse off. GM is also asking an additional “immediate” US$800 million from Canada to make it through the end of 2008. U.S. Senator Chris Dodd has suggested that GM CEO Rick Wagoner “move on”, given an almost “impossible to defend” record (according to BusinessWeek) that includes wasting US$1.3 billion on a stake in Subaru which yielded absolutely nothing – no new cars, no technology, nothing, and then proceeded to sell off the stake later, partly to Toyota. He also spent US$2.3 billion to buy a share in Fiat and another US$2 billion to get out of it. Read the BusinessWeek link for more on Wagoner’s track record in GM.
The American taxpayers are probably furious at GM and the silver lining is at least GM knows it, hence this two-page apology letter to the American taxpayer you can read below.
Looking to sell your car? Sell it with Carro.
Hope it’s not an empty promise, time will tell.
True, they better stick to their promises, I just don’t know how they will do it…
Because of GM’s large size, when they go down, they will drag down the entire US Auto Industry along with them and millions of people will lose their jobs in the US and millions more in regional plants around the world.
When the biggest customer of the parts suppliers go down, the parts suppliers can go bankrupt, this is what links the companies (foreign owned or domestic) with each other.
80% of the parts supplier are shared by the Big 3.
over 50% of these parts suppliers also supply parts to the Asian car makers with US plants like Toyota and Honda.
talk through it… thats what those CEO love to do.. and only know to do best.
well… dead one oso can talk to be alive. if you know wat i mean.. we actually can see it at near us most the time as well.
its time to downsizing and consolidate… thats how you can survive on hard time. grow back on good time. what else?
True, GM has too many brands, they have 7 US brands (Buick, Cadillac, Chevrolet, GMC, Hummer, Pontiac, Sautrn).
The GM brands based outside the US are Holden, Saab and Opel/Vauxhall.
good luck to these automakers. welcome, europe!
So what the big deal Proton also got bail out event in good time from our gorverment not one time many time. with our money did the proton say sorry………….
proton’s name still mentioned eh…
haha… all car around the world related to proton….
Proton produce car and they receive bail before so they are also related.. :P
Anyway this show that the company above is responsible to the tax money loanded to them, and if they fail to do it the G will withdraw the loan for them.
I never saw any of our local GLC which are bailed out show this kind of letter to the country, people and president. And they never mention of paying back the money also to the G!
As recently the tax fuel that the G earn, how they want to use our tax money that are earn from the tax fuel? Did they came out a guideline like using it to improve transportation or improve fuel quality? Well, when the money come in keep quiet and use it.. Hahaha…
at least they apologize, proton doesnt
I’m agreed wif littlefire and alpina burkard.
why we don’t get this sort of thing in malaysia. How many times khazanah pump money into proton and nothing happens. I would like to see previous Proton boss being grilled over what he did
GM and Proton are two different things. Proton was formed BY the government. GM was a private concern, so them asking for money from the government is like a beggar asking for money. For Proton, it’s like a child asking money from the parents. So GM has to do this as a PR exercise to soothe the American people…
exactly, this g here just rob our money and make some stupid car nobody wants. i wish we could return to the good old days where there was no such thing as toyota vios, honda city, hyundai, kia,geely, chery, proton and perodua
you believe?
until they really come up with a properly engineered fuel efficient car that the masses want, i’ll reserve my congratulations.
tiadaid said,
December 9, 2008 @ 8:28 pm
GM and Proton are two different things. Proton was formed BY the government. GM was a private concern, so them asking for money from the government is like a beggar asking for money. For Proton, it’s like a child asking money from the parents. So GM has to do this as a PR exercise to soothe the American people…
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So, it is mean that it is alright just to pour your tax money for the “Child” without any pay back? Even anak-anak today (normal family) also need to pay some money back to their parents when their working… Nothing is call free lunch in this world, what Proton doing is seen by everybody in this country and the world also…
Mat Salleh sembang kosong.. later Rick fly off in his jet, burns more fuel for this PR exercise. Only Volt is konon envo friendly with extended range generator (I mean engine to please the 7 sisters instead of pure electric), later 4-5 more new models of gas guzzler ladder frame chassis truck or hot rod or weird looking Cadillac for the Bling2 community..
Americans, pure marketing genius!
payback thru tax… makes profit get taxed, loss also get taxed…
diesel is much more fuel efficient than hybrids, cleaner too
hahaha.. i spit on their face.. those arrogant american b@stard. GTH!!!
LittleFire85 said,
December 10, 2008 @ 10:14 am
tiadaid said,
December 9, 2008 @ 8:28 pm
GM and Proton are two different things. Proton was formed BY the government. GM was a private concern, so them asking for money from the government is like a beggar asking for money. For Proton, it’s like a child asking money from the parents. So GM has to do this as a PR exercise to soothe the American people…
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So, it is mean that it is alright just to pour your tax money for the “Child” without any pay back? Even anak-anak today (normal family) also need to pay some money back to their parents when their working… Nothing is call free lunch in this world, what Proton doing is seen by everybody in this country and the world also…
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people overseas generally have an ok perception of proton actually. its malaysians who generally have the perception that we have.
but personally, would be great if someone could finally once and for all, explain clearly, and with some facts, when exactly did proton go bankrupt, did not have money to pay staff, bills..etc. like how the big 3 are today and had to be bailed out by the govt…? I honestly don’t know, but would like to know. thanks in advance.
i want to know too… pls someone do explain…
thanks…
BanyakMasukWorkshop said,
December 10, 2008 @ 2:04 pm
LittleFire85 said,
December 10, 2008 @ 10:14 am
tiadaid said,
December 9, 2008 @ 8:28 pm
GM and Proton are two different things. Proton was formed BY the government. GM was a private concern, so them asking for money from the government is like a beggar asking for money. For Proton, it’s like a child asking money from the parents. So GM has to do this as a PR exercise to soothe the American people…
—————————————————–
So, it is mean that it is alright just to pour your tax money for the “Child” without any pay back? Even anak-anak today (normal family) also need to pay some money back to their parents when their working… Nothing is call free lunch in this world, what Proton doing is seen by everybody in this country and the world also…
——————————
people overseas generally have an ok perception of proton actually. its malaysians who generally have the perception that we have.
but personally, would be great if someone could finally once and for all, explain clearly, and with some facts, when exactly did proton go bankrupt, did not have money to pay staff, bills..etc. like how the big 3 are today and had to be bailed out by the govt…? I honestly don’t know, but would like to know. thanks in advance.
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hello, they can’t go bankrupt. what they can do is worsen the malaysian economy.
How the MIGHTY have fallen…to a beggar level!! Nonetheless, beggar with his own private plane… :-) Start built more fuel eficient cars la GM!! Keep making muscle cars for f*ck meh…
torque,
they shud continue making muscle cars :) It’s the fuel-guzzling SUVs that they need to reduce, n start making small economical modern diesel hatchback. Yet, they decided to follow the hybrid way which I think is rubbish. Worse still, how can u save the world with an suv, even if it’s hybrid? That’s a bit like picking up thrash from one location, nden dumping it elsewhere. It kills the original purpose…..
lol, now I just realise my post sound hypocritical. Well, at least their latest muscle cars are gud enuf for Jeremy Clarkson, James May n Richard Hammond to approve. N furthermore, they’re niche. SUVs aren’t.
hehe..semakin bangga dengan tengku mahaleel.bukan dengan syed zainal…tengku mahaleel tak pernah minta bantuan dengan kerajaan..cuma minta perhatian dari kerajaan sahaja…tidak apelah…lagi pun semua dah terima yang syed zainal buat yang terbaik n tengku mahaleel buat yang terburuk…yang penting sekarang proton adalah lagi baik daripada apa yang forumer kata big three…sekurang2nya dari segi minta bantuan kerajaan
If u ask me, no company should ever be given such bailouts; its just ridiculous. Now every company in US will be asking, ‘If GM gets it, why not us??’. The industry should be made to be competitive.
Anyway, GM functions on a perfect competitive environment. No tax breaks or market incentives for them.
As for Proton, with all that AP (and NO end in sight), it’s best to see the company LIQUIDATE and fold. No point supporting it anymore. Taxpayers won’t get anything in return, aside from politicians.
if gm, chrysler, ford closes. what would happen to corvette, hummer, mustang, camaro? and then usa only got toyota, honda, mitsu, nissan, mazda, merc, volks and bmw
…and Proton (god-willing).
@BanyakMasukWorkshop:
“people overseas generally have an ok perception of proton actually. its malaysians who generally have the perception that we have. ”
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HAHAHAHA!!!! this is probably the most ridiculous comment on this site ever!
Ok, no need to argue, just tell me, if overseas people “generally have an ok perception of proton” how come Proton export sales SUCK?
They can’t even sell more than 2,000 cars a month in export market la fren. Plz la, even Chery or Daewoo sells more ok?
About GM, the bailout is a LOAN not a GIFT.
Thats the difference between GM and Proton.
And don’t know how some people can laugh at the Americans. GM was actually, once, successful. Even if they are now in trouble, at least they were once great. Some legends do fall, like MG, Triumph, Mini, even the likes of Aston Martin and Jaguar.
This oppose to Proton? Who is a never was? People do have some right to ask for bailout – at least they have a legendary track record. Proton got what to show? And even after bailout, what did they show so far? Very little.
Wonder how much Proton is paying you to spread their propaganda on this site.
@TheDuck:
Who says we don’t get anything in return? We get the great, wonderful, magnificent, super, outstanding etc etc etc NEW PROTON MPV!!
Much much better than any other similar class MPV in the Malaysian market, or even, the world!
No use to buy to buy any useless Avanza, Grand Livina, Naza Citra/Rondo, Mazda5 now bro, cos these are only for stupid people who look at the badge, NEW PROTON MPV going to be better than them all! Hey, even Toyota Wish and Honda Stream oso kalah man! And we know this from seeing a few disguised spyshots only, because we trust Proton. After all, didn’t they produce the magnificent automobile wonder, Asia’s answer to BMW, also known as Proton Waja?
ah beng… ah beng… huhu
not_ah_beng said,
December 11, 2008 @ 8:11 pm
@BanyakMasukWorkshop:
“people overseas generally have an ok perception of proton actually. its malaysians who generally have the perception that we have. ”
____________________________
HAHAHAHA!!!! this is probably the most ridiculous comment on this site ever!
Ok, no need to argue, just tell me, if overseas people “generally have an ok perception of proton” how come Proton export sales SUCK?
They can’t even sell more than 2,000 cars a month in export market la fren. Plz la, even Chery or Daewoo sells more ok?
About GM, the bailout is a LOAN not a GIFT.
Thats the difference between GM and Proton.
And don’t know how some people can laugh at the Americans. GM was actually, once, successful. Even if they are now in trouble, at least they were once great. Some legends do fall, like MG, Triumph, Mini, even the likes of Aston Martin and Jaguar.
This oppose to Proton? Who is a never was? People do have some right to ask for bailout – at least they have a legendary track record. Proton got what to show? And even after bailout, what did they show so far? Very little.
Wonder how much Proton is paying you to spread their propaganda on this site.
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nobody knows what is a proton overseas. he’s obviously a proton salesman
“sells more ok?”
-not_ah_beng
HAHAHAHA!!!! this is probably the most ridiculous comment on this site ever!
And Proton also once great, for you at least (remember your ahbeng satria?)
Wisdom said,
December 13, 2008 @ 6:47 pm
“sells more ok?”
-not_ah_beng
HAHAHAHA!!!! this is probably the most ridiculous comment on this site ever!
And Proton also once great, for you at least (remember your ahbeng satria?)
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mitsu colt