Is General Motors Next for the Crusher After $1bn Skid?
Evening Standard - London › April 21, 2005
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Summary
SEPARATED by a few years, Don McLean and Madonna each drove a Chevy to a levee that was dry. Prince and country star George Jones sang of Corvette fantasies, and Bruce Springsteen loved a Pink Cadillac with crushed velvet seats. The songs were written about General Motors cars when brands such as Chevrolet, Buick, Oldsmobile, Pontiac and Cadillac ruled the roads of America, and the company built vehicles that inspired not only songwriters but also car buyers across the country.
Those days are long gone. Although GM refuses to admit there is anything wrong with the vehicles it is trying to sell nowadays, the facts speak for themselves. The company this week posted its biggest quarterly loss since 1992 and said first-quarter US car sales were down 5% from a year ago, adding that its market share in North America had dropped to 25.2% from 26.3% in the past 12 months.See the full content of this document
Extract
Is General Motors Next for the Crusher After $1bn Skid?
Its quarterly net loss was $1.1 billion (Pounds 573 million) after a net profit of $1.28 billion in last year's first quarter. It lost $1.3 billion on its car operations against a profit of $401 million the same time last year while its finance unit's profit fell to $728 million from $764 million.
The pict...See the full content of this document
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