General Motors stock price crashes to 3 year lows after investors realise disaster

General Motors stock price crashes to 3 year lows after investors realise disaster

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[ProjectILT]

we knew that the legacies would have eventually need to start downsizing to go from large names to small companies before going bankrupt, we've been calling their Motorola moment for years. But now they've got the UAW as an excuse for the downsizing part, how lucky.

[LarryRichelli]

i have been trying to tell people for the last year that GM will need another government bail out and everyone thought I didn't know what I was talking about. I said it would happen before they put all their EVs on sale! Hmmmm

[alanjameson]

GM has handled the problem with defective Bolt batteries very badly; and remember the scandal with their defective ignition switches, that they tried to cover up? A lot of potential GM customers remember both those scandals, and will not be buying GM vehicles.

[charleslindsay]

GM has screwed themselves again, very expemsive management team that doesn't do anything for the company....they need somebody that really cares about making good cars instead of how big their bonus will be.

[edferguson]

Legacy Auto problems: 1) Poor wages / conditions that enable Unions 2) Antiquated dealership sales model 3) Over-reliance on outsourced parts 4) Afraid to kill off cash-cow ICE vehicles 5) No vision or passion for EVs.

[davidinkster]

Mary Barra is a good example of management & boards who see success through the eyes of accountants and fail to realise that success also needs great products. They fail to realise that great products need great input from designers, engineers and their workforce, and that great products can't be just conjured up out of thin air and wishful thinking.
GM's decision to abort the EV1 project in 1999 was the beginning of their end.

[ronmatthews]

Remember around 7 months ago Mary said GM in " investment " 900 million dollars to develop a new gas V8 engine ?
That right there was the last nail in the coffin for GM.
What a terrible waist of 900 million.

[plebeian_egalitarian]

They deserve this, they should have been developing their EV program even before it was clear Tesla would thrive

[jamesrose]

Could be because so much of what Mary says are lies. The investors aren’t so dumb.

[rsmeanie]

After waiting for my Lyriq for two years, I finally cancelled my order and bought a Model Y. Very happy with my new Tesla and the buying process was easy and smooth.

[stvybaby]

Don't forget the inability to pay crushing debt as ICE sales collapse.

[dontbanmebrodontbanme]

It's simple: every once and a while, a disruptor comes in and changes an industry. Apple did so with the iPhone and iPad. It destroyed companies (like Nokia). It eliminated Microsoft, who was the market leader in this field. Sometimes, a visionary comes along and tells everyone "this is the direction we should be going". Those who can adapt, do so. Those who can't, fold.

Elon did this with cars and it's completely broken the business model for ICE manufacturers. My guess is that eventually, a lot of these companies will go bankrupt and will be swallowed up by other companies. This also applies for pure EV companies. For example, I wouldn't be shocked if Tesla one day buys Lucid, but let's see. But the days of dealers living off of people come in to maintain their car are slowly fading away. GM, Ford and Stellantis know this and they don't know what to do.

[jhagen]

This video feels like it was lifted from my comments saying exactly the same. Glad I could contribute lol.

[brianbasson]

If these layoffs continue, no Union worker will have a job to return to. Remember, they are all currently without a contract, so in effect easier to do lay offs during this strike

[jeffreybloom]

“Planning” to do whatever, without an actual plan - the story of legacy automotive short term thinking and wishing but not actually executing

[BeatlesSale.]

It’s the taxpayer that will pay the price. If it’s a bailout all upper mgmt should be replaced.

Can’t make a profit until 2027? Sounds like a very honest assessment. This is why GM will not ramp up EV production until at least 2027. This is also why the US will experience delayed EV exponential growth. Tesla can’t do it by themselves. At least I hope other car companies straighten themselves out.

[jorganzola]

GM pulled the rug out from under Australias last remaining car mamufacturer, and also killed the EV1. Many bad management decisions.

[stvybaby]

Made a little shorting GM stock which continues paying dividends on short term high earnings while soon facing bankruptcy and bailouts.

[bluecyclone]

Mary, you did it. No you really did, you electrified the car industry .😂😂😂

[AdamC]

I have had long term experience with Ford and GM trucks and vehicles. Unfortunately, General Motors products don’t age well and the company culture is toxic. They definitely won’t make the cut.