THE THEN AND NOW OF
THIS....
ALSO
WHERE DID THE JOBS GO....
AS
ONE OF THE LOYAL AMERICANS THAT SUPPORTED THIS....
Government Sells Off GM
Shares . . . Public Takes $10.5 Billion Bath and the Chinese get the
automobile plants with your dollars....
THE REST OF THE STORY IS GM TOOK THE PUBLIC MONEY AND OPENED UP
PLANTS IN CHINA GIVING CHINESE HUNDREDS OF THOUSANDS OF JOBS....70% OF GM IS
NOW CHINESE.... ONLY IN AMERIKA...
1, December 10, 2013 by
jonathanturley
The
federal government just cashed out on our General Motors shares and the final
tally is a $10.5 billion loss. Many could still argue that this cost was worth
it, but it is different from what has been represented to the public that we
would lose no money on the deal. Indeed, the article below says that the White
House delayed the final sale until after the election due to the implications
of an over $10 billion bath. My concern is the lack of clarity and honesty
surrounding the bailout. The public might still have supported the plan but it
was not sold as an over $10 billion walkaway bailout.
U.S. Treasury Secretary Jack Lew confirmed
that a $10.5 billion loss on the $49.5 billion bailout.
Notably, Treasury sold its stake in Chrysler
Group LLC in July 2011 with a $1.3 billion loss on a $12.5 billion bailout.
That is a total of $11.8 billion loss on these two companies.
Notably, the Administration decided not to
require GM to repay its entire bailout and swapped the loans for the 60.8
percent ownership. It then bailed on its shares before recouping its losses
after pushing the sale past the election. In hindsight, the decision to take
shares instead of repayment looks like a politically useful way to forgiving
debt while leaving the appearance of a public “investment” in the company.
Source: Detroit News
YOU EVER WONDER WHERE YOUR BILLIONS IN GM BAIL
OUT WENT...??
YOU PLAN ON BUYING A NEW CHEV-WOE-WHEA...??
THE CADILLAC SRX IS PROBABLY BEING BUILT IN CHINA BY
NOW.... Google this...
WELCOME TO THE NEW GENERAL TSO'S
CHICKEN MOTORS.....
BEFORE AND AFTER COMMERCIALS....
Mar 17, 2013 - Uploaded by King Rose Archives
1953 Dinah Shore
introduces the new Chevrolet for 1953. ... Dinah
Shore was awesome and this ...
Chevy
China Commercial - YouTube
Jun 19, 2010 - Uploaded by Peter Zhou
Agency: 上海麦肯光明Creative Director:
Jerry Kan copywriter: 周然鸣/ coco art ...
Your tax dollars at
work...
GM plans to add four more plants in China
Investments will boost capacity by 30% to 5 million units
annually....HURRAY MORE CHINESE JOBS!!!
Related Links
Related Topics
Bernie Woodall
April 20, 2013 - 8:03 am ET -- UPDATED: 4/20/13 8:52 am ET - adds Socia
comments
SHANGHAI (Reuters) -- General Motors Co. plans to add four new plants in the
next three years in China to bring its production capacity to 5 million
vehicles a year, the head of GM China said at the Shanghai auto show.
Bob Socia, head of GM China, said on Saturday that the company and its joint
venture partners will invest $11 billion in China by 2016, but did not break
out the cost of the new plants.
The new plants will boost GM's manufacturing capacity by 30 percent and
create 6,000 jobs, the company said.
GM also plans 17 new or refreshed models in China this year.
The company is adding another 400 dealers in China this year, which will
bring its dealership network to 4,200 stores. By 2015, GM said it expects to
have about 5,100 dealers in China.
"We are at an important point in our history and the industry's history
in China," Socia
said in a statement.
"Last year, the vehicle market reached a record 19.4 million units. We
expect industry sales to grow another 7-8 percent in 2013."
No overcapacity risk
Socia said auto executives and industry insiders often talk of the danger of
production overcapacity but that is not the case at GM. Its plants are running
near maximum capacity, he said.
"We're confident about playing here in
China," Socia told reporters. "We're
here for the long term."
When GM plant capacity increases to 5 million in 2015, the company will
export about 300,000 vehicles, Socia said, up from over 100,000 GM expects to
export this year.
Socia said there is a chance that GM will export vehicles to the United
States from China, but he did not reveal any plans.
"That could very well happen," Socia said of the chance that
exports to the U.S. market may occur.
Philip Nussel of Automotive News contributed to this report.
PRESS RELEASE: General Motors Announces Future Plans in China Focused on
products, plants and people
2013-04-20
SHANGHAI – General Motors discussed its future plans in China during a press
conference it hosted this evening in conjunction with the start of Auto
Shanghai 2013.
"We are at an important point in our history and the industry's history
in China," said Bob Socia, President, GM China, and Chief Country
Operations Officer, China, India and ASEAN. "Last year, the vehicle market
reached a record 19.4 million units. We expect industry sales to grow another
7-8 percent in 2013."
GM has been the sales leader among global automakers in China for the past
eight consecutive years. He said GM would sell its 1 millionth vehicle in China
this weekend – the earliest it has ever done this in a calendar year.
According to Socia, one of the factors in GM's success in China has been its
aggressive investment in products, plants and people.
Products
GM and its joint ventures are adding to their product lineups by launching
17 new and upgraded models in China this year. They include the Chevrolet Cruze
hatchback; the new Wuling Sunshine; two new Jiefang light-duty trucks, the S230
and F330; and the Insignia Sports Tourer, Zafira Tourer and Astra GTC from
Opel.
"Our focus is on luxury vehicles and SUVs going forward," said
Socia. "Not long ago, both were considered niche segments. Both are now
mainstream and growing rapidly."
GM is in the process of bringing Cadillac's entire global portfolio to
China, adding one locally produced model per year through 2016. Earlier this
year, it introduced the locally produced XTS luxury sedan as well as the
refreshed SRX luxury SUV, which is Cadillac's best-selling model in China.
With more new models, the expansion of its local manufacturing capability
and a growing dealer network, GM expects to increase Cadillac sales from 30,000
units last year to 100,000 units in 2015. Its longer-term goal is to take
Cadillac's share of China's luxury car market to 10 percent by 2020.
GM currently offers five SUVs in China: the Buick Encore and Enclave,
Cadillac SRX and Escalade, and Chevrolet Captiva. It plans to introduce another
nine new or refreshed SUVs in China within the next five years.
In addition, GM is looking beyond China's borders to sell its locally
produced vehicles. This year, GM expects to export a record 100,000-130,000
vehicles.
Plants
GM's manufacturing facilities in China are running at near maximum capacity.
GM continues to add capacity to keep up with the rising demand for its
products.
In 2012, GM's joint ventures opened two new manufacturing plants. They will
open four additional plants in China through 2015. This will enable GM to
increase its domestic manufacturing capacity by 30 percent to about 5 million
units annually. It will also create approximately 6,000 new manufacturing jobs.
GM is expanding its dealer network to make it easier for its customers in
China to buy and service their vehicles. It is adding 400 dealers in 2013
alone, which will give it 4,200 dealers at year end. By 2015, GM anticipates
having about 5,100 dealers nationwide. GM's dealership focus is on expanding
westward and to China's tier 3 and tier 4 cities in the country's interior.
Shanghai GM and SAIC-GM-Wuling will open a total of 1,000 dealers in western
China by 2017.
People
"GM is a car company, but we are also a people company," said
Socia. "You can't build great vehicles without great talent."
GM and its joint ventures now have more than 55,000 employees across
China, a number that has more than doubled since 2004. GM continues to hire
local talent, with a focus on design, engineering, R&D, manufacturing,
purchasing, and sales and marketing.
Socia summed up GM's plans for the future in its largest market: "With
the support of our great partners and by focusing on our products, plants and
people, GM looks forward to remaining a leader in China."
About GM
General Motors traces its roots back to 1908. GM has 12
joint ventures, two wholly owned foreign enterprises and more than 55,000
employees in China. GM and its joint ventures offer the broadest lineup of
vehicles and brands among automakers in China. Passenger cars and commercial
vehicles are sold under the Baojun, Buick, Cadillac, Chevrolet, Jiefang, Opel
and Wuling brands. In 2012, GM sold more than 2.8 million vehicles in China. It
has been the sales leader among global automakers in the market for eight
consecutive years. More information on General Motors in China can be found at
GM Media Online.
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