Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

After Investing $400M in Peugeot, GM Might Close Euro Plants
The Blaze ^ | 03-14-12 | Becket Adams

Posted on 03/14/2012 11:47:06 PM PDT by Lazlo in PA

General Motors CEO Dan Akerson sat down for an interview with Fortune Magazine’s Adam Lashinsky and admitted that the Detroit automaker might close some of its European plants.

“In the U.S., GM was able, through an extraordinary set of circumstances, to take some drastic action: you closed whole factories, you closed whole historic brands in the United States. Can you take, and will you take, drastic action like that in Europe?” Lashinsky asked.

Well, just so you understand, prior to their kind of crisis of confidence, if you will, Europeans must, uh, we in America hear about it every day, they must hear about it every morning and every evening of every day.

And is Greece going to go under? Is Italy going to go under? What’s going to happen to the euro? The banks are on stilts…it has echoes of what was going on here 2008 and 2009. Coming out of bankruptcy, [GM] did close a plant. There are only two plants closed in Europe. Fiat closed one and we closed one in Antwerp, Belgium. We laid off about 4,000 people and were were profitable for the first half of 2011 in Europe.

Now we, Ford , Fiat, Pugeot, Renault — they’ve all come out and said, ‘Yeah, we have profitability problems in Europe.’

And you’re right. We had to close 14 plants in the United States when we had our crisis.

We think we’re going to have to adjust our production levels in Europe over the next couple of years in order to get our house in order in Europe.

-SNIP-

Given the fact that even the CEO admits there are “profitability” concerns in Europe, why did the Detroit automaker, which still owes U.S. taxpayers approximately $25 billion, invest $400 million in France’s fledgling Peugeot?

(Excerpt) Read more at theblaze.com ...


TOPICS:
KEYWORDS: bailout; gm; junkiecars; peugeot
Navigation: use the links below to view more comments.
first 1-2021-30 next last
Did anyone else know that we were sending taxpayer cash over to France so we could help them build some of the worse cars made?

Columbos 403 Peugeot

1 posted on 03/14/2012 11:47:13 PM PDT by Lazlo in PA
[ Post Reply | Private Reply | View Replies]

To: Lazlo in PA

I will not comment on the pros or cons of Peugeot, as I have never known, much less owned one, but while in Slovakia, I had a French family that were good friends.
The head of the family was in Slovakia for setting up their new very high tech factory for producing some models of Peugeot.
I was amazed at the technology that goes into such functions as installing the glass on a car, and how fast a car went through the automated line.

Another close French friend had been sent to Slovakia to be their dealership sales manager, some years prior to opening a factory there.

I have also been guilty of bashing the French, but it should be based on individual actions or situations.

By the way, Slovakia is becoming a real name in auto production, with Volkswagen, Kia, and Peugeot.


2 posted on 03/15/2012 12:06:01 AM PDT by AlexW
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lazlo in PA

Good old French cars, with three lug nuts and wheel covers that you bolt on with a hex-head driver. And then there’s the drivetrain . . . sixty-five whole horsepower on the 403.


3 posted on 03/15/2012 12:10:06 AM PDT by Olog-hai
[ Post Reply | Private Reply | To 1 | View Replies]

To: AlexW
No French bashing here. This is a straight up slam at us giving money to Peugeot, which makes rotten, ugly cars. I have dabbled with 505's in the past and they are junk.

The French do have an innovative and cool car company. Citroen.

4 posted on 03/15/2012 12:16:01 AM PDT by Lazlo in PA (Now living in a newly minted Red State.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Olog-hai
After owning an R-16, several R-5's(LeCar) and an R-21 (Medallion) I admit I have a soft spot in my head for Fine French Automibles.

They make WONDERFUL lawn ornaments as well as homes for some of Mom Nature's less fortunate creatures.

Another community benefit is that the sites of their numerous and usually spectacular breakdowns become landmarks the locals use for giving directions.

5 posted on 03/15/2012 1:13:41 AM PDT by prisoner6 (Right Wing Nuts bolt the Constitution together as the loose screws of th e Left fall out!)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Lazlo in PA

disgusting, this is corruption. They’re bailing out their friend using tax dollars


6 posted on 03/15/2012 1:26:08 AM PDT by 4rcane
[ Post Reply | Private Reply | To 1 | View Replies]

To: prisoner6
I’ve always heard that the rear-engined aircooled Renaults ran better than the front-wheel-drive models. Then again, I had two uncles who were drivers of them, one who drove his model into the very early 80s (R8), so there was most likely a bias there.

I once rented a Renault Mégane, and had the very bizarre experience of feeling the steering column turning under my feet when I pushed the brake and clutch to the floor when making turns in the vehicle. Your feet are not supposed to contact the steering column, no less feel it turn when you turn the steering wheel . . .
7 posted on 03/15/2012 1:39:46 AM PDT by Olog-hai
[ Post Reply | Private Reply | To 5 | View Replies]

To: Lazlo in PA

I was not speaking as “The Car Guys”, and not at all qualified to say what is good or bad.
I grew up as a GM kid, remembering the family black Buick, 1950, then the Olds 88, and I was taught to hate Fords.
Does that mean Fords stink?
I am just heralding the significant auto and electronic
factories that are in, or just starting in Slovakia.
I did not say that you have to like the brand.

My best and favorite first car was a red Volvo P1800.
I was the cat’s meow in that car. (late 60s)
Ohhh No...It was a Swedish car...shame on me?


8 posted on 03/15/2012 2:38:44 AM PDT by AlexW
[ Post Reply | Private Reply | To 4 | View Replies]

To: Olog-hai

did they ever make one of those 3-wheeled thangs that were once sold in Europe?


9 posted on 03/15/2012 3:10:57 AM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
[ Post Reply | Private Reply | To 7 | View Replies]

To: GeronL
"did they ever make one of those 3-wheeled thangs that were once sold in Europe?"

Do you mean this critter?

BMW Isetta


10 posted on 03/15/2012 3:27:40 AM PDT by SnuffaBolshevik (In a tornado, even turkeys can fly.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: SnuffaBolshevik

lol.

That is the car Steve Urkle used in ‘Family Matters’, right?


11 posted on 03/15/2012 3:33:26 AM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Lazlo in PA

I’ll just admit I actually like some French cars, particularly Citroen. I made a point of renting one, whenever my business travels took me to a country where Citroen was available. I also like Renault, although their efforts in the United States fell notably short.

I’ve never really understood Puegot, though.


12 posted on 03/15/2012 3:42:14 AM PDT by RegulatorCountry
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lazlo in PA

I didn’t read beyond the excerpt.

When I read in another article days ago of the GM (American taxpayer) $400M discard into the Peugot round receptacle the first thought was about the high fuel prices, and the fact that those people over there are better invested in shoe leather than Peugots.

I then thought about what GM did to my beloved SAABs. They ruined the cars, cheapened them terribly, and then discarded the results of their endeavors. Eliminated their competition.

Probably what they are doing with Peugots as well. I don’t see much damage they can do to the Peugots as they did to the SAABs as the Peugots are already IMO garbage, but the point is the elimination of another automobile sale other than a GM automobile sale.

Now that SAABs aren’t going to be around anymore we are looking to buy Ford. Either Flex, or Edge to have the transport capacity we want.


13 posted on 03/15/2012 3:57:12 AM PDT by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: AlexW
I will not comment on the pros or cons of Peugeot....

I will neither, but its market share in Europe is nothing to sneeze at (I'm not defending the GM purchase, either--just that some people on this thread appear to be blowing smoke).

14 posted on 03/15/2012 3:59:36 AM PDT by 1rudeboy
[ Post Reply | Private Reply | To 2 | View Replies]

To: Lazlo in PA

Subsidizing foreign jobs with our tax dollars has been going on for decades. Yes, we’re aware. But hey, that’s capitalism, or at least our version of it.


15 posted on 03/15/2012 4:20:11 AM PDT by Wolfie
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lazlo in PA

It’s money laundering, period. That may have been one of the main reasons for obamacizing GM - it needed a, umm, “vehicle” to move money out of country. See also MHP and the vanishing centi-millions of dollars that you don’t hear about anymore.


16 posted on 03/15/2012 4:31:44 AM PDT by the invisib1e hand (knowledge puffeth; information deludeth.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lazlo in PA

Correction: MHP s/b MF Global, of Jon Corzine fame.


17 posted on 03/15/2012 4:35:32 AM PDT by the invisib1e hand (knowledge puffeth; information deludeth.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lazlo in PA

Europe was....... the Pacific rim is


18 posted on 03/15/2012 4:38:41 AM PDT by bert (K.E. N.P. +12 ..... Crucifixion is coming)
[ Post Reply | Private Reply | To 1 | View Replies]

To: prisoner6

“an R-21 (Medallion) I admit I have a soft spot in my head for Fine French Automibles”

The AMC Medallion. The Orphan car nobody wanted, that you simply couldn’t kill (or find anyone to work on.)

Had one in the early 90’s in California, that I bought for almost nothing. Found a junk yard that had two, so I always had steady supply of cheap parts for it. A cheaper version of the Audi 5000, which was another car you simply couldn’t kill.

Good mileage, and I put a blue million miles on it driving it back and forth across the country, before trading it for a Grand Cherokee in 96.


19 posted on 03/15/2012 5:51:19 AM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
[ Post Reply | Private Reply | To 5 | View Replies]

To: tcrlaf

Renault made a cute little sports car (I’ve forgotten its name.) In the case of a flat tire, the tool kit contained a steel pipe that was to be inserted in the door frame. Jacking up one corner of the car without this “stiffener” could cause the body to fold at the door frame.


20 posted on 03/15/2012 6:01:06 AM PDT by Eric in the Ozarks (Beware the Sweater Vest)
[ Post Reply | Private Reply | To 19 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-30 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson