Wednesday, May 11, 2011

Detroit Phoenix

In the black again, General Motors,
Still one-quarter owned by the voters,
Has seized on the chance
Of expanding its plants
With the market it took from Toyoters.

Those who recall when, just two years ago, GM was rescued from certain death by a $50 billion taxpayer bailout, must be pleasantly surprised at the automaker's recent developments. Having increased its domestic market share from 18.7% to 19.6% over the last year, a newly profitable GM is investing $2 billion in US factories and creating or saving 4,000 American jobs. There's a catch: the new factory jobs, at an hourly wage of $14, pay half the going rate of existing jobs and add to the pressure on UAW president Bob King to take back some of the concessions made during the crisis.

5 comments:

  1. Wow. A whopping 0.9% increase in total market share. Impressive.

    If someone essentially wiped out my debt and screwed my bondholders, I could do a lot better than that.

    It's Ford or Foreign for me for the rest of my life.

    ReplyDelete
  2. ...or Forgo Driving?
    Actually, in the glacial landscape of the auto business, 1% movement in one year is significant: http://online.wsj.com/mdc/public/page/2_3022-autosales.html#autosalesD

    ReplyDelete
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