An analysis of the failings of various divisions within General Motors Corporation.
Written in 2005; 675 words; 3 sources; $ 26.95
Paper Summary:
This paper discusses General Motors Corporation's recent financial difficulties led by its former parts divisions, Delphi, falling into bankruptcy, poor sales due to high gasoline prices, and finally its recent announcement that it is being forced to restate its 2001 financial filings with the SEC. The paper then compares these events to Ford Motor Company's very similar situation with its former parts division, Visteon, recently reporting a $200 million quarterly loss following a financial bail out of Visteon by Ford.
From the Paper:
"GM Business Report A recent news article from Reuters announced that General Motors (GM) is restating its 2001 financial statements after it was previously announced that the company is being investigated by the SEC(Chakravorti, 2005). Following, as it does, the announced bankruptcy of Delphi, GM's former parts division and its largest provider of parts currently, this news only complicates and worsens an already bleak financial and performance assessment of the company. This news is certainly very negative for GM. GM finds itself already strapped with 111,000 unionized workers who, if laid-off or otherwise placed off the assembly line, still receive 95% of their base wages (Newman par.4) and legacy costs per vehicle at an approximate $1,600 (Beucke, et al, 2005, para.3). These situations combine to have a debilitating effect on GM's overall performance from both ends of its product cycle. "
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