Within hours, the giant will be dead. General Motors will be no more. The world’s largest car maker will file for bankruptcy in a New York court room. With $176.4bn of liabilities – it will be the world’s largest industrial bankruptcy, the world’s third largest to date, after Lehman Brothers and Worldcom. The colossus of … Read More
Years and years ago I sat in a meeting entitled “Talking with the Enemy” where a bunch of enviros sat down with leading corporate executives and talked about the topical issues of the day. One of the participants was the man from Volvo who talked about the company’s prototype vehicle the LCP 2000, that could, … Read More
Elsewhere in Europe, politicians have introduced a scrappage tax, whereby consumers are given incentives to scrap their vehicles and buy a newer, cleaner model. Although the motor industry is trying to say this has major environmental benefits, any detailed cost benefit analysis – including the cost of making the new car – seriously calls this … Read More
Flush from his “successful” summit at the G20, UK Prime Minister Gordon Brown is now preparing for his next test: his budget in two weeks times. His room for manoeuvre is limited with the pot of money largely seen as being empty. Even still Brown is promising a green Budget month to kick start moves … Read More
Who would be a car-maker these days? The days of excessive glamour, speed and size are over and numerous global giants are limping along on life-support. The Obama Administration may have forced GM’s chairman and chief executive, Rick Wagoner, late last month, but there are still rumours that GM might have to file for bankrupty.
It is over fifty years ago when the then Chief Executive of General Motors, Charles Wilson, famously told the Senate in 1953 that “for years I thought that what was good for our country was good for General Motors, and vice versa”. Not any more. It could well be the end of the road for … Read More
Next week there is another crucial American election. OK – its not as important as the one ten days ago, but the outcome will have a huge bearing on Obama’s plans for energy, climate change, and how he tackles America’s ailing auto industry. The battle is for the Chairmanship of the powerful Energy and Commerce … Read More
I wonder how Main-Street feels about this one. Even though millions of Americans are already outraged over bailing out Wall Street, they are now being asked to bail out Detroit too. Later this morning expect dismal third-quarter results from GM and Ford, estimated at $2 billion each, which will probably plunge the markets even deeper … Read More