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GM lost $1,227 per vehicle through June, Harbour says
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NFS4
No Lifer
Considering what I majored in in college, I think I know a thing or two about economics and accounting 😉
That being said, GM is getting killed in pension costs, they have too many vehicle platforms running around and need to consolidate. That and the fact that their plants are not running at peak efficiency, residuals for their vehicles have been down for years, and their most profitable vehicles are taking a hit due to the price of gas (large SUVs), GM is in a bind.
Even the massive price cuts on their vehicles for the past few months has been a bandaid on a oozing cut to a major artery. GM has already said on numerous occassions that their new full-size pickup/SUV platform is the most important introduction for them in the near term b/c it would hopefully stop the hemorrhaging of cash. Given the rising cost of gas, that plan could soon backfire as well.
chowderhead
Platinum Member
I am just saying if you think the residual is bad now for the domestic (just look at any used car rag or craigslist or kbb), imagine 5 years from now when all the used ones need to be sold because the tranny needs to be replaced or some other problem. All I am saying is there is going to be a glut of used cars in 5 years from all these buying now.
Svnla
Lifer
Of course not, it takes two to tango. Those generous contracts were done in the "good, golden" period when all the big 3 make record profits <SUV, big trucks>.
Right now, all 3 of them are struggling and yet, the unions do not want to do anything to help out because they want to keep status quote and to squeeze out every dimes that they can.
Unions members are not realize that they are digging their own graves and their childen futures.
<<<-------------- used to work along side with one of the big 3 for almost 10 years and will never buy a domestic vehicle after he saw the quality, work ethics, and attitude of the UAW members.
Deeko
Lifer
hey 'fvckstick', don't run your mouth next time, it makes you look like a fool.
My neighbor is in a union. He makes a pissload of money, I see him at home more than at work(during work hours), and his job is basically a joke when he IS there. Don't tell me about fair wage, unions are a drain on society. I may think the gap between corporate workers - CEO's is too big, but I have less of a problem with that than with lazy, overpaid, cocky, ignorant union works....seemingly like yourself.
JEDI
Lifer
unfortunately, GM cant do anything about the retirees till they declare bankrupcy. (much like airline companies)
under bankrupcy, you can break all sorts of contracts and cut this and that. cause if u dont, then the company goes out of business, and the old folks lose their gravy train anyway.
unfortunately, GM has like $15B in cash reserves. Even if they lose $1B/year, it;ll take 15 yrs b4 they can file.
or they can give top mgmt a $15b bonus
Squisher
Lifer
I am a union employee in the auto industry.
Where do I start?
To add some fuel to the "overpaid union worker fire," I don't think most of you realize that big 3 workers are paid 95% of their pay the first year they're laid off, 90% second year, 85% third, 80% forth.
The auto companies didn't think their market share would be so low. But, they were the ones that agreed to these contracts.
As for being unskilled. I think most of you would be surprised at the skill required by a great deal of the workforce.
Lazy? I come home sore everyday from working my ass off.
Are there lazy workers? Sure, but at what job haven't you seen some lazy workers?
I think most of you will see some major concessions by the unions at next contract time.
Where do I start?
To add some fuel to the "overpaid union worker fire," I don't think most of you realize that big 3 workers are paid 95% of their pay the first year they're laid off, 90% second year, 85% third, 80% forth.
The auto companies didn't think their market share would be so low. But, they were the ones that agreed to these contracts.
As for being unskilled. I think most of you would be surprised at the skill required by a great deal of the workforce.
Lazy? I come home sore everyday from working my ass off.
Are there lazy workers? Sure, but at what job haven't you seen some lazy workers?
I think most of you will see some major concessions by the unions at next contract time.
:beer: to squisher
Auto Unions are going to have to give up a fair chunk.
A secretary where I used to work, worked at Honda before they moved.
Said it was a very good ,job pay was good, benefits good, not great like working for a big 3 but comparatively to similar work in private sector jobs it was above what she'd get elsewhere.
I have a union job, my wife works for a private health insuror, 'Wow , you actually have those in Cananda? Yes, yes we do the great myth is everything is paid for when in reality about 75% is paid for' her benefits blow mine away I get more money and more flexibility in almost every area from email-phone use, dress code , training, work hrs etc.
We haven't worked out what her pension plan is as she just got indeterminate status.
My Chev has 200K miles one alternator $60 one used heater core $25 are all that I have put into it other than normal wear and tear IE brakes and oil, not bad for a 94
Auto Unions are going to have to give up a fair chunk.
A secretary where I used to work, worked at Honda before they moved.
Said it was a very good ,job pay was good, benefits good, not great like working for a big 3 but comparatively to similar work in private sector jobs it was above what she'd get elsewhere.
I have a union job, my wife works for a private health insuror, 'Wow , you actually have those in Cananda? Yes, yes we do the great myth is everything is paid for when in reality about 75% is paid for' her benefits blow mine away I get more money and more flexibility in almost every area from email-phone use, dress code , training, work hrs etc.
We haven't worked out what her pension plan is as she just got indeterminate status.
My Chev has 200K miles one alternator $60 one used heater core $25 are all that I have put into it other than normal wear and tear IE brakes and oil, not bad for a 94
GeneValgene
Diamond Member
Q F T
Svnla
Lifer
Bingo, I sure would love to get pay 90% of my pay and stay home.
The big 3 contracts were negotiated in the "good times" period, while all 3 of them made tons of money with the big SUV/trucks.
I disagree with the skill level statement. I am not saying all unions folks are dumb, but if you know how to read and write and know how to follow instructions, you can do almost any automotive unions jobs. I personally can do assembly line tasks, drive a fork truck, mop the floor, etc. Name a automotive job that you think a Joe Blow off the street can't do it after an hour or so of training.
Again, not all union folks are lazy, the jobs can be boring and tedious, but I seen with my own eyes how lazy and bad attitude that many of the unions workers had.
If things are not getting better with the big 3 soon, especially GM, then the big 3 won't wait until the next negotion but go ahead and start their own cuts even without the UAW blessing.
bamacre
Lifer
As someone who bought a new Honda this year, I will say my biggest concern was getting something fuel-efficient. No US car company had a car that could compare to what Honda and Toyota were offering in their Civic and Corolla. And as gas prices continue to rise, I am happy my Civic does ~33 mpg.
tennisflip
Golden Member
US companies better be working on a hybrid car. The Prius is already in its 3rd generation... not sure about the civic hybrid. But our next car is either going to be a 06 Prius or 06 Civic Hybrid. The huge tax credit in 06 really sweetens the deal.
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