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For first time in 80 years GM is the #2 seller of autos in world.

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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 08:59 AM
Original message
For first time in 80 years GM is the #2 seller of autos in world.
http://money.cnn.com/2009/01/21/news/companies/gm_toyot...

NEW YORK (CNNMoney.com) -- General Motors lost the title of world's largest automaker to rival Toyota Motor in 2008, according to sales figures released Wednesday by the troubled U.S. automaker. It was the first time in nearly 80 years that GM did not sell the most cars in the world.

GM (GM, Fortune 500) reported that global sales plunged 10.8% for the year to 8.36 million vehicles. That allowed Toyota (TM) to move ahead of GM with sales of 8.97 million vehicles worldwide.

And GM said the outlook for sales in its core U.S. market is not likely to improve anytime soon.

GM sales analyst Mike DiGiovanni said during a conference call Wednesday morning that the seasonally-adjusted annual U.S. sales rate will fall below 10 million vehicles in January. That would be the first time below that benchmark since 1982.


Wagoner "vision" or "quest" has been to keep GM the largest. Now that it isn't maybe either Wagoner can step aside or he can face reality. Worldwide sales for autos will be low and likely stay low long after the recovery. Not only is GM's slice of the pie small; the entire pie is smaller. More of the same won't save GM.

I am not sure Wagoner can do it. He has been at GM an extremely long time. I wonder if he has the ability to make the hard calls anymore.
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NOW tense Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 09:02 AM
Response to Original message
1. Big slice of humble pie.
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Auggie Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 09:02 AM
Response to Original message
2. Chasing the quarterly profit really pays off, doesn't it?
:sarcasm:
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Kalyke Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 09:05 AM
Response to Original message
3. And Toyota makes the worst vehicles in the world.
But, I guess living in the mindset of the 1980s has done them a world of good.

People don't realize they have more recalled cars than any other car manufacturer because they still think American cars were built in 1983.

:eyes:
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Cessna Invesco Palin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 09:10 AM
Response to Reply #3
4. Your opinion is not shared by...
...well, much of anybody really.
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