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NEWS: GM dumps Suzuki stake for much-needed cash

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Offline ebewley

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NEWS: GM dumps Suzuki stake for much-needed cash
« on: November 19, 2008, 05:04:39 PM »
GM dumps Suzuki stake for much-needed cash

Hans Greimel Automotive News
November 17, 2008 - 9:33 am ET

TOKYO -- Cash-strapped General Motors will dump its 3 percent stake in Japan's Suzuki Motor Corp. for about $230 million as it scrambles for funds to avert collapse.

GM said it will continue existing projects with Suzuki, such as collaborating on hybrid vehicles and fuel cells, as well as the joint operation of GM's CAMI assembly plant in Canada. The companies also will continue joint global purchasing, GM said.

"Despite the sale of our remaining Suzuki shares, this action will have no impact on our existing bilateral business relationships," CEO Rick Wagoner said in a statement today. "We look forward to continue building on our success to date with our long-term partner."

GM has held a stake in the Japanese automaker since 1981, when it purchased 5.3 percent of Suzuki. GM's holding rose to more than 20 percent in 2001 but was later trimmed to 3 percent.

GM announced the sale today after saying it may not have enough cash to keep operating by early next year. The company said it burned $6.9 billion in cash during the third quarter, cutting cash reserves to $16.2 billion. To stay in business, GM must maintain reserves of $11 billion to $14 billion.

GM soon may be joined by another ailing Detroit player in selling Japanese assets.

Ford Motor Co. reportedly is eyeing the sale of at least part of its 33 percent stake in Mazda Motor Corp. Ford has run low on cash since burning $7.7 billion in the third quarter.


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Offline Bigzook

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #1 on: November 20, 2008, 01:41:25 PM »
 ::)
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Offline RACER X

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #2 on: November 20, 2008, 06:45:00 PM »
f-em
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phloop

Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #3 on: November 20, 2008, 08:47:48 PM »
Think GM is thinking they will get more $$ with the bail out from the feds if they show that they have to let things like this go?
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Offline YellowZR2

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #4 on: November 21, 2008, 01:01:51 AM »
As much as I hate to see any company fail I really really dont want to pay for THEIR mismanagement with MY tax money.

If big brother is there to bail out failing companies then how close are we to socialism.

I laugh at the top execs who beg for this money but then expect to keep their same old same old life style without any real government intrusion into their lives or busniness.

Instead of begging for cash like a bum on the street they should be focusing on just how to make a buck in this global economy.

That 700+billion bailout cash pot has gotten alot of leeches standing there with their hands out.
(I despise the leeches)
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Offline locjaw

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #5 on: November 21, 2008, 07:03:29 AM »
my construction business is down too, wonder if i can get a billion or two ::)
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Offline Lindenmooch

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #6 on: November 21, 2008, 07:18:59 AM »
I was laid off in a "downsizing".   Who's going to bail me out of my financial drought?!??!!?
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Offline Bandit02

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #7 on: November 21, 2008, 08:15:12 AM »
I'm torn on this subject .... I, in no way, want to help people who want a hand out from US, the tax payers , When they are flying in to DC on private jets to beg for money, while paying themselves millions of dollars a year. They are not willing to give up their jets, money, or lifestyle, but want ALL OF US to give up money to help them  :( .... It's a bunch of BS, and nobodies fault but thier own.

At the same time. If the "Big 3" go under, there will be hundreds of thousands of people directly out of a job, and hundreds of thousands more indirectly affected (factories that make wiring harnesses/fuse boxs/interior parts/ ect.) ... I live about 1 hour from the Corvette plant, and the only factory in my hometown makes peices for cars. If  Ford/GM/Chrysler go under.... You think it's hard to get a job now? Wait until that many people are added to those looking for work.


So where do I stand? I have no idea  ??? . I Feel very strongly about not helping out CEO's that want a handout w/o any sacrafice on thier part at all.... But I don't want to say that I'm hoping hard working americans lose thier jobs, either.
« Last Edit: November 21, 2008, 08:17:02 AM by Bandit02 »
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Offline Lindenmooch

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #8 on: November 21, 2008, 10:10:04 AM »
I don't think they'll dissolve into nothing...and leave millions unemployed.   Some other automaker will most likely buy them out.   Right?
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Offline locjaw

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #9 on: November 21, 2008, 07:35:18 PM »
Quote from: Bandit02 on November 21, 2008, 08:15:12 AM
I'm torn on this subject .... I, in no way, want to help people who want a hand out from US, the tax payers , When they are flying in to DC on private jets to beg for money, while paying themselves millions of dollars a year. They are not willing to give up their jets, money, or lifestyle, but want ALL OF US to give up money to help them  :( .... It's a bunch of BS, and nobodies fault but thier own.

At the same time. If the "Big 3" go under, there will be hundreds of thousands of people directly out of a job, and hundreds of thousands more indirectly affected (factories that make wiring harnesses/fuse boxs/interior parts/ ect.) ... I live about 1 hour from the Corvette plant, and the only factory in my hometown makes peices for cars. If  Ford/GM/Chrysler go under.... You think it's hard to get a job now? Wait until that many people are added to those looking for work.


So where do I stand? I have no idea  ??? . I Feel very strongly about not helping out CEO's that want a handout w/o any sacrafice on thier part at all.... But I don't want to say that I'm hoping hard working americans lose thier jobs, either.
plain and simple, when we were paying $4.00 a gallon for gas some assholes in the middle east made a LOT of money while these dumbass  auto groups pumped up production on the big gas guzzlers. so my proposal is that they can take there big ass private jets over to talk to the oil sheiks to beg for money. all the while salvation army is starting to put credit card machines at there donation stations in texas, how messed up is that???????????
my sugestion...... be prepaired!
survival supplys, extra gas, deer rifle, ect........
i dont care how much money they print or loan or borrow, it's only gonna get really bad before it gets any better.
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Offline locjaw

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #10 on: November 21, 2008, 07:35:58 PM »
sorry eric, i needed to spout >:(
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Offline flexmonger

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #11 on: November 21, 2008, 11:38:35 PM »
 Both the top executives and the employees with the unions are to blame. I find this financial crunch unfair and have little sympathy for these people. Do you know that union auto workers with no college education are making 75.00 a hour with full benefits. The same auto workers at a American Toyota mfg plant make 45.00 a hour. Now they want the american public which makes less than that an hour, to continue their lifestyle and continue making non solid axle 4x4's with no low gearing.
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Offline YellowZR2

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #12 on: November 22, 2008, 03:09:20 AM »
Funny thing .
My mom and I had an argument about a week or so ago over the "big 3" bailout.
You see, she worked for GM (medical retirement) and my sister in-law retired from GM and I myself even had a short 80 day or so work period with GM.
She was buying into the "OHH if they fail it will be terrible" crap and she couldnt understand that I didnt want my tax money to go towards paying an auto workers wage and even more the top execs wages for a product I have a hard time buying.
Then she see's the "big 3" execs fly up in their private jets and not willing to give up their millions in yearly pay and bonus's and she flipped her tune pretty quick and now understands that they are just greedy leeches.
I myself have no problem with someone making a buck and that is all good and fair but to have the tax payers pick up the tab for a mismanaged business is just WAY to much for me to tolerate.

Now to be fair I must state that I myself work for a city so it could be said I work off the taxes others pay but that isnt totally true since our department actually makes money by providing a much needed product and service(water/sewage) and we do a lot of nasty/dirty/dangerous work.
I do however live in the city I work in and also get very mad at the wasteful use of MY and other citizens tax dollars that I see on occassin.

So to take it into a different direction I was wondering if SUZUKI ever built their facilty in michigan near milford (near GM's milford proving grounds) like I had heard they would years back.Hmmm...
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phloop

Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #13 on: November 22, 2008, 12:07:44 PM »
Danged, another turd hearder. Haven't seen any one else doing it.
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Offline YellowZR2

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Re: NEWS: GM dumps Suzuki stake for much-needed cash
« Reply #14 on: November 22, 2008, 02:43:04 PM »
Quote from: phloop on November 22, 2008, 12:07:44 PM
Danged, another turd hearder. Haven't seen any one else doing it.
not so much of a herder but more of a.......friend. :laugh: OMGosh

no no no ;D I work on the clean side doing water taps, fire hydrant replacement, water main break repairs and stuff and only mess with the sewer side when we tear out a sewer line or a major sewer problem comes up.
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