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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
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
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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
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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
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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.)
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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!)
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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
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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
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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
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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)
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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.)
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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)
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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
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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.)
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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
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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
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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.)
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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.)
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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)
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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)
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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)
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To: Lazlo in PA
Lazlo, you Anti-Frog Dog, you!

The Peugeot 403 was one of the finest cars ever made. Sturdy, like a rock. Fast. Cheap to run. And really very comfortable. Colombo knew what he was doing. The answer to "Just one more question, Mam," was Peugeot!

The Peugeot 404 is one of the great cars, too. It can bound over African potholes and in the Diesel version, gets 45 mpg. Millions of'em running all the globe.

Now it is true that modern Peugeots look as if they were designed in the Affirmative Action Engineering Department of a Gay Rights organization. But please, some respeck pour la histoire.

21 posted on 03/15/2012 6:51:45 AM PDT by Kenny Bunk ((So, you're telling me Scalia, Alito, Thomas, and Roberts can't figure out this eligibility stuff?))
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To: RegulatorCountry; Kenny Bunk
If I am going French, I am going Citroen. They make nicer looking and far more engineered cars. The 2CV, SM's, Avant's, DS's, CX Prstiges. You name it, they looked very distinctive and had fun things like controllable suspension heights thanks to the magic green spheres. They make Peugeot look like turnip cart manufacturers.

The DS

22 posted on 03/15/2012 8:04:15 AM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: Lazlo in PA
That's not a police dog, that's a PoliceMAN'S dog.
23 posted on 03/15/2012 8:22:34 AM PDT by stylin19a
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To: Eric in the Ozarks
You aren’t thinking of the Renault 17, are you . . . ?


24 posted on 03/15/2012 12:30:36 PM PDT by Olog-hai
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To: Olog-hai

This pix looks newer than the car I was thinking of. More 1960s/early 70s vintage.


25 posted on 03/15/2012 1:30:24 PM PDT by Eric in the Ozarks (Beware the Sweater Vest)
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To: Olog-hai

It was the Renault Caravelle “sports car.”


26 posted on 03/15/2012 6:25:33 PM PDT by Eric in the Ozarks (Beware the Sweater Vest)
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To: Lazlo in PA
Citroen's suspension is actually (under license) used by Rolls Royce and Bentley . The magic fluid does smell suspiciously like very bad brandy. Not surprising when the billion liter cheap wine surplus of la belle France was recycled into brake fluid, shock, jack, and trunklift oil.

Citroen also was one of the pioneers of aerodynamics for automobiles. Thanks to an extremely low coefficient of friction and light weight, they were able to get excellent performance from very low-powered, sturdy, and economical engines. One of the most comfortable-riding cars ever, too.

But, lots of luck getting one serviced in Senegal. The older Peugeots, OTOH, were easy to blacksmith back into shape after hitting an elephant.

BTW, your ordinary everyday Frog is a terrible, almost oriental, bad driver. The shifting, the steering, the round-abouts ...painful to watch and hear. Better than the Belgians,(totally inept, with some sort of national hand-eye handicap) Greeks or Portuguese,(these last two quite suicidal) but not by much. Stay off their roads after lunch.

If I am going French, I am going Citroen. D'accord.

27 posted on 03/16/2012 5:34:45 AM PDT by Kenny Bunk ((So, you're telling me Scalia, Alito, Thomas, and Roberts can't figure out this eligibility stuff?))
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To: AlexW

I had a rental Peugeot hatchback in Nice a couple years ago. It seemed pretty decent, actually.

Their cars in the 80s here were a disaster, one of my business partners at the time had one, and it was far from just his that was an issue. Then again, American cars of that era were no great shakes, but Peugeot was definitely worse.


28 posted on 03/16/2012 5:39:29 AM PDT by FreedomPoster (Islam delenda est)
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To: FreedomPoster

“Their cars in the 80s here were a disaster”
_______________________________________

Yes, I remember when the French cars were a joke, but when I moved to Slovakia, one of my best friends, a French guy, had been the Slovak sales manager for Peugeot.

A few years later I was friends with French families that were there to set up the new high tech Peugeot factory north of Bratislava.
The men, executives, were away during the week, while I tutored the wives and kids in English conversation.

The new cars were said to be quite high tech, and to rival
anything in their class.
I have not had a car since I left the USSA in 2004, so I would not know, but to generalize Peugeot as a junk car is not fair game today.
I imagine that they are just as competitive, quality wise, as the Jap cars.


29 posted on 03/16/2012 6:18:53 AM PDT by AlexW
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To: Lazlo in PA

“Coefficient of Friction” really meant to say “Coefficient of Drag” Cd.


30 posted on 03/17/2012 10:16:13 AM PDT by Kenny Bunk ((So, you're telling me Scalia, Alito, Thomas, and Roberts can't figure out this eligibility stuff?))
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