General Motors Corp. (NYSE: GM), which keeps saying that bankruptcy will not happen on the current management's watch, is closing more plants. The automaker said today that it will be closing a Michigan stamping plant and a Wisconsin plant as well. Surprise: the Wisconsin plant is responsible for SUV production.In Michigan, more than 1,300 jobs will be lost when the automaker closes down the plant roughly one year from now. The Wisconsin plant will close in mid-2009 as SUV sales continue to slump. Even though gas prices have come down quite a bit in the last few weeks, U.S. citizens don't trust gas guzzlers any longer. If you have one and it's under water, stick with it. If you're looking for a new vehicle, you're probably not looking at an SUV.
The Janesville, Wisconsin plant will cease SUV manufacturing operations on December 23rd, but some operations will continue until June 2009 to fulfill an agreement with Isuzu Motors, Ltd.
Shares of GM are up 2% to $6.63 per share today as the market teeter-totters, giving the General a market cap of $3.76 billion at this time.
It's just unfortunate that the Wisconsin plant about to be closed is GM's oldest. It's been in operation since 1919. My, how times have changed since then.
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Reader Comments (Page 1 of 2)
10-14-2008 @ 3:31PM
gumbo koontz said...
Well to do parents who invest in Big Oil stocks for their kids' college tuition are seething about the falling SUV sales needed to boost Big Oil profitablity. They are so bummed out that they dont know where to move thier money since Big Oil was always deemed as the safest investment around.. Tobacco stocks is no longer safe as more smokers are quitting.. They are fretting about what to do with their money... They need help now and fast!
10-14-2008 @ 3:33PM
gumbo koontz said...
Now General Electric is getting shaky as well. Boeing is struck by machinists and the future profitability is dashed out! I have a stock tip for you poor well to do parents... how's about Alcoa?? Aluminium is at a ridiculous low price for decades... Alcoa is at all times lows.. Buy them...
10-14-2008 @ 3:33PM
gumbo koontz said...
Now General Electric is getting shaky as well. Boeing is struck by machinists and the future profitability is dashed out! I have a stock tip for you poor well to do parents... how's about Alcoa?? Aluminium is at a ridiculous low price for decades... Alcoa is at all times lows.. Buy them...
10-14-2008 @ 3:36PM
gumbo koontz said...
American economy is sinking because well to do parents are sticking their heads in their household budget books all day and night without any consideration for anything outside... They thought they could lead detached livings behing the gated fences without feeling anything outside... They are very, very, very, very wrong!
10-14-2008 @ 3:38PM
gumbo koontz said...
It just doesnt help to keep stiff lips any longer... Drop your stiff lips ! Go with the flow!
10-14-2008 @ 3:45PM
gumbo koontz said...
hey well to do parents and college bound kids,,, unload your Big Oil stocks now! I am doing this as a big favor to you!! Oil is crashing now!! to $20 barrels... Yes $20 barrels... Dump Big Oil stocks!! They were so quiet all along to maximize profits.. it seems that they never warned the Fed about it... What does the Fed know?? Do you know about oil pirces? Did someone tell you over the cocktail drinks? Anywya, you are all stuck togehter being dragged down with falling oiil prices!! We willl not use gasoline much anymore.. We will drive in super fuel efficient cars No more SUVs and PickUps!!! Big Oil is FINISHED!! We need Big Oil out of our way as we grow our economy again... Where do you invest?? real estate?? aluminium? gold? high tech? biotech? Retail stores? Forget Big OIl stocks! the sooner you dump Big Oil the better!!
10-14-2008 @ 4:41PM
jed said...
Gumbo you are a piece of work ! Oil prices were pressured to rise in the past few years,not from our wasteful consumption ,but by rising markets in China,India and the rest of the emerging markets around the world. Of course well to do institutional investors helped fuel prices with no money down oil speculation,driving profits through the roof for the past few years.The threat of congress put an end to that party. Now with the credit crunch,decrease in the workforce prices of gasoline will continue to decline until Opec takes action to decrease production by a million barrels a day. Don't be fooled gasoline prices will rise again,sometime next year . Might be a good time to buy some offshore drilling companies for the kids college funds,lol.
10-14-2008 @ 5:20PM
moonie said...
Don't fret, smile :) !oil is going down to $50 a barrel before christmas, smile again it might get down to $40 maybe $35 by february, inside info.If you wanna catupult oil's further decline drive less, less vacations, ride, walk, buy a moped, only buy 2 maybe 3 gallons at a time, do all ya can to lower oil prices and when the snow is on the ground you will smile all winter lol.Big oil has had it, new alternatives are going to revolutionize the entire world and sink big oil back to the earth to rest for another billion years, smile :)
10-14-2008 @ 8:17PM
HARRY said...
so much for the 25 billion to retool thats all going overseas. keep our enemies strong
10-14-2008 @ 8:20PM
carbuilder56 said...
As a now retired employee of GM, it does not surprize me that they would close plants in the US, instead of the ones in other countries. I am waiting for the other shoe to drop when GM tries to get into the retirement fund, they are already screwing the Salaried Worker out of benefits when they turn 65. What needs to happen is our Government needs to stop giving tax breaks to them, just to have them shut down the plant and move it to Mexico, or China. GM does not care about the employee or community where the plant resides. Look at Flint, or Pontiac, they were decimated, and I am sure there were others.There are other companies who have done the same thing, tax breaks close the plant. Bring back the jobs where they belong here in the USA!!
10-14-2008 @ 8:40PM
P said...
Good, they have been putting out shitty cars for a long time. With no customer service. I am sorry about all the worker's being laid of though.
10-14-2008 @ 8:26PM
dave said...
To all Union greeds out there that go to work with the Union handbook in one hand and your G.E.D. in the other please look elsewhere for someone who cares . Your 38 dollar an hour job and crooked leadership is a big factor in the downfall of the middle class in this country . Im sorry if you can't find a job somewhere else i guess your Dad diden't have a Union card in that company .
10-15-2008 @ 12:09AM
danielrgrondin said...
Hey!! No surprise here!! Unions not NAFTA or Bush or McCain have caused more closing then anything else. Thier greed should be the thing the the FBI is investigating.
I mean working for twenty years then getting free health care, a retirement wage equal to what you made at the factory, and guess what try to fire a union thug who isnt worth the free uniform he gets.
When Obama wins, just remember who helped him get thier ----UNIONS!!
10-14-2008 @ 8:28PM
MRAMERICA said...
***********SECRET MUSLIM MAN************
THERE’S A MAN WHO PUTS US ALL IN DANGER.
HE GIVES US BULLSHIT AND REMAINS A STRANGER.
HE’S CALLED THE OBAMA MAN,
AND HE’LL TAX US ALL HE CAN!
THE ODDS ARE HE’LL SCREW UP THE WORLD TOMORROW!
SECRET MUSLIM MAN! SECTET MUSLIM MAN!
THE NAME’S BARACK OBAMA, COMMUNISM IS HIS GAME!
HE’S CAREFUL NOT TO LET HIS BACKGROUND SHOW.
AND THE HOLLYWOOD HOMOS SHOWERED HIM WITH DOUGH.
OUR ENEMIES ARE HIS FRIENDS
THIEVES AND CRIMINALS HE DEFENDS.
THE ODDS ARE HE’LL SCREW UP THE WORLD TOMMORROW.
SECRET MUSLIM MAN! SECRET MUSLIM MAN!
HIS NAME’S BARACK OBAMA, COMMUNISM IS HIS GAME.
BEWARE HIS SMILING FACE FOR YOU WILL FIND
THAT A SMILING FACE CAN HIDE AN EVIL MIND.
HE’LL TAKE YOUR GUNS AWAY
AND REPARATIONS MAKE YOU PAY
THE ODDS ARE HE’LL SCREW UP THE WORLD TOMMORROW!
SECRET MUSLIM MAN! SECRET MUSLIM MAN!
HIS NAME’S BARACK OBAMA, COMMUNISM IS HIS GAME.
10-14-2008 @ 8:31PM
AngelFeathers said...
Gumbo Koontz, you're a genius in your own mind! Without the innovators and producers, this country would just be another France, made up of a white-flag-waving populace, enduring double-digit unemployment, uttering the national motto: "We surrender ... Now, someone, come save us." One day soon, all of us responsible, self-sufficient, well-to-do college parents will leave our gated communities and haul our wheelbarrows full of cash to Costa Rica, where we will begin again. And you who have whined and complained about us -- despite the fact that we foot 90% of the tax bill -- can create your communist utopia in peace -- for as long as the Chinese and Russians hold off. Comprende?
10-14-2008 @ 8:34PM
mike said...
Ok the hell with oil.It costs so much for wind power to do the entire country at one time.Start with the areas that are beingbuilt right now,then smaller citie's and work up. Even the small town's will relieve the pressure on oil. Start small think big.
10-14-2008 @ 8:46PM
Karen said...
The reason GM is going down is because they support homosexual lifestyle.
10-14-2008 @ 9:02PM
george said...
George W. Bush. Enough said.
10-14-2008 @ 9:00PM
buzz said...
Thank god for those unions, they sure have done well by their members or should I say their leaders, no?
10-14-2008 @ 9:08PM
JARED said...
OBAMA THE JACKASS WILL HELP THE ECONOMY HE HAS A PLAN......YEAH RIGHT FOR THE BLACKS!!!