Today is not a good day to be associated with General Motors in any way. There was a lot of buildup rumors to their catastrophically bad Q3 announcement, ranging from them having to declare bankruptcy to the cancellation of the Volt project. So here's the question...who does the government save?
GM insists that they won't make it another quarter at this rate without seeking bankruptcy. Ford can probably last two or three quarters without help. Chrysler has plenty of cash so they MAY survive for quite a while in some form but their sales have taken an even bigger hit than the other two. I don't see the government helping Chrysler...AGAIN....but they may have to prop up the other two or face another 500,000 in unemployed workers.
Is the Volt going to be canceled? Maybe. GM hasn't even broke ground on the $370 million plant to build the engines yet. Unless the government kicks in the $25 billion that GM wants then the Volt will never happen....certainly not by its supposed launch date of Q3 2010.
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