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16 Feb 2012 18:39


Biz: Still think Detroit’s going bankrupt? Check out GM’s killer numbers

  • $4.7 billion General Motors’ posted earnings for the 2010 fiscal year
  • $7.6 billion General Motors’ posted earnings for the 2011 fiscal year source
  • » What a record to break! One year removed from bankruptcy, American automaker General Motors posted record-setting earnings for the 2011 fiscal year. In recent weeks/months many investors worried that GM’s overseas operations would drag down the company’s year-end totals. GM lost a total of $747 million in European markets, with $562 million of the losses occurring in the fourth quarter alone. In South America, where the company reported $818 million in earnings for 2010, GM reported a net loss of $122 million. However, not only did the company defy global expectations, GM managed to break its former $6.7 billion earnings record, set in 1996.

04 Dec 2011 08:43


U.S.: Cash-strapped Detroit could face state takeover bid

  • The entire structure of the city reflects a 1950s model in which the United States was the dominant economy of the world and automobile manufacturing was the core driver. None of that is true anymore.
  • Former Detroit City Council member Sheila Cockrel • Discussing the city’s major financial issues — which are so bad that the state has ordered a review of the city in a move that could lead Michigan to take it over. It would be the largest city of its kind to be taken over by the state government, but one that has fallen the furthest: With a quickly-declining population that has fallen by a quarter in the past decade, a $150 million budget deficit and a $45 million financial shortfall expected for the current fiscal year, options are running slim for a city defined by auto industry culture in good ways and bad. If the state takes over, the council that Cockrel was once a member of and mayor Dave Bing could get sidelined. Ouch. source

01 Jun 2011 17:55


Biz: U.S. auto companies beat foreign competitors in May, with a caveat

  • USA! USA! May was the first month in five years that Detroit’s Big Three automakers beat their foreign competition in total sales, likely welcome news to those who rely on the domestic auto market to make their livings.
  • easy there The Big Three’s big win came on the backs of a terrible month for foreign competition — Toyota was down 33%, and Honda 23%. This allowed U.S. auto companies to take the lead, despite actually seeing a drop in sales. source

26 Apr 2011 09:59


Biz: Ford scores largest quarterly profit since “Felicity” was popular

  • $2.55
    the amount in profits that Ford made in its most recent quarter — a huge boost thanks to small cars
  • circa
    the last time Ford had a profit this big — back when we were all listening to Third Eye Blind source

10 Apr 2011 10:41


Biz, World: How the Japan quake and tsunami has affected the auto industry

  • parts Many auto manufacturers — especially in Japan — are struggling to return to their normal level of production after last month’s earthquake hurt numerous key factories in Japan.
  • labor Manufacturers at Toyota, Nissan and Honda plan to get their workers back on the job very soon — but only at half-time. Toyota’s U.S. factory workers also haven’t had as much work lately.
  • colors Ford, which isn’t Japanese, has its own problems — see, a key metallic pigment they use comes from a factory near Fukushima. Good luck getting a “tuxedo black” car. source

27 Nov 2010 11:43


Biz: General Motors officially crosses the “biggest IPO ever” mark

  • $23.1
    the size of GM’s IPO, officially the biggest global IPO on record
  • $49.5
    the amount they owe the government for their bailout source
  • » What’s needed next? If the government hopes to break even on its huge investment in GM, the stock needs to hit around $50 a share. It’s currently at $33.80, but if, say, the Chevy Volt is a huge success on the market, it could definitely hit that mark.

17 Nov 2010 22:45


Biz: GM’s initial public offering does exactly what everyone expects

  • $20.1
    the amount raised by GM’s IPO earlier today (which is amazing, and the biggest ever)
  • $4.35
    the amount in preferred shares the company sold, far above the $4 billion anticipated
  • 33%
    the amount of GM the government will still own after the IPO, down from 61 percent source

16 Nov 2010 20:06


Biz: Bailout blossoming: GM’s pending IPO quickly growing ever-larger

  • 30% the increase in the total size of GM’s post-bailout IPO tomorrow
  • 478M number of shares to be offered to investors; more could be offered
  • $22.6B the potential size of the IPO, which would be the biggest ever source

26 Oct 2010 10:23


Biz: Ford, in blatant display of showing-off, posts record profits

  • $1.7B Ford’s profits in the third quarter of 2010 – a new record for the company
  • 1997 the year Ford set the quarterly record they broke this quarter
  • 69% the increase in profits from a year ago; not bad, auto industry source

14 Aug 2010 12:13


Biz: The Detroit auto industry not looking so dire nowadays

  • Fundamentally this thing has been reshaped, resized and rethought. … We’re not trying to kill each other for this month’s market share. Those days are over. We’re not offering $7,000 checks to try to sell a car.
  • Chrysler (and Fiat!) CEO Sergio Marchionne • Discussing the major changes the Detroit auto companies have made in their business models in the wake of the whole bailout situation from a year or two ago. GM was on dire straits. Ford was skating by. It didn’t even look like Chrysler was going to make it. This has largely changed. Profits are back for the companies. They have slimmer product lines and payrolls. And their CEOs – especially GM’s new one – are outsiders to Detroit. Don’t call it a … OK, call it a comeback. source