John Casesa
John Casesa
change gm heightens hiring inside major signals strategy
Lutz's hiring signals the possibility of a renaissance at GM and heightens our sensitivity to the possibility of more constructive change, ... This is a major change in strategy for GM, which has historically relied heavily on inside promotions.
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GM's sales have declined year-over-year in nine of the last 12 months, saved only by the employee pricing campaign this summer.
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The massive cuts reflect high inventory levels, falling new vehicle sales and a shift in automaker tactics from price cuts to production cuts,
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The ripple effect on GM supplies is profound. GM represents anywhere between 15 and 20 percent of the sales of most big supplies, so these are lost sales and lost profits. And you'll see it in their second quarter results.
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GM likely doesn't have enough inventory to maintain a strong sales pace.
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GM likely doesn't have enough inventory to maintain a strong sales pace. And inevitably, the employee-pricing program is losing its effectiveness, as eventually happened to zero-percent financing, hot-button bonus cash programs, talk-show host car giveaways and other promotions.
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They just want to make sure that people don't rule GM out. But the probability of finding exactly what they want is probably pretty slim.
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GM and the UAW will collide at some point as the company's results worsen, ... The Delphi filing suggests that it will happen sooner rather than later.
auto economy economy-and-economics industry large
I think the auto industry and the economy at large are inseparable,
decrease driven driving earnings fell fleet gm impact improvement increase late light lower mix negative north performance pricing remains results richer truck trucks
These results are reminiscent of Ford's late 1990's performance -- driving earnings improvement with a richer truck mix, ... GM remains market-share driven and its North American pricing fell 1.0 percent. Fortunately, it was able to increase its mix of light trucks and decrease its fleet sales, offsetting partially the negative impact of lower prices.
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These disclosures don't look very good when investors are already skittish about what's going on in the automotive industry. You hate to discover a leak in your basement when you're trying to sell your house.
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Car buying is influenced by consumer confidence. And confidence varies month to month but on a trend basis, it is down a lot in the last year, year-and-a-half. And my own view, unless it bounces back and unless history is wrong, we're going to really struggle to get these buyers in next year because they're just not as confident about the future to make a big ticket purchase as they were six months or a year ago.
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Ford and GM are now in a race to shrink.
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Several factors should prevent an outright decline, as spending per unit will likely remain strong.