Looks like price increases for the '09's
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Looks like price increases for the '09's
Via the SME Daily briefing on various manufacturing related items...
GM takes further steps to cut overstock.
On its front page, the Wall Street Journal (6/24, A1, Bennett, et al.) reports that "General Motors Corp. (GM) announced further production cuts as well as sweeping new incentives on many 2008 models -- a reversal of recent strategy." In addition to GM, "Ford Motor Co. and Chrysler LLC have been trying for over two years to back away from heavy incentives," but a further decline of "car and light-truck sales this month is forcing the Detroit companies to go all out to halt" the slump. In addition to "offering incentives on 2008 models, GM said it intends to raise prices on 2009 vehicles an average of 3.5 percent to help offset a surge in steel prices and rises in the costs of other materials."
On the front page of its Business Day section, the New York Times (6/24, C1, Bunkley, Vlasic) adds that, "[i]n announcing the sales blitz," the automaker also said "that it would offer long-term, no-interest loans on most models through June 30." GM will "cut production of...pickups and SUV's by an additional 170,000 vehicles this year and increase by about 50,000 its output of fuel-efficient cars and crossovers, which are in short supply at many dealerships."
The AP (6/24, Krisher, Durbin) notes that "GM already had increased the prices of its 2008 model year vehicles twice because of rising commodity costs," according to spokesman John McDonald. "The move comes a little more than a week after Chrysler LLC announced a two percent increase in the price of its remaining 2008 vehicles."
The Detroit Free Press (6/23, Merx) pointed out, "In addition to its usual two-week shutdown in July, GM will shut down" production at some truck plants "for an additional week each in July," while at some other factories for an additional two or more weeks.
GM hires Citigroup to review Hummer brand. Reuters (6/24, Kim, Gupta) reports that "GM also said it hired Citigroup to help review its Hummer brand that the automaker is looking to sell or revamp."
The Detroit Free Press (6/23, Merx) notes, "Sales of the Hummer brand fell 62 percent in May compared with a year earlier. January through May, sales of the brand were off 36 percent." The Detroit News (6/23, Terlep) also covered the story.
GM takes further steps to cut overstock.
On its front page, the Wall Street Journal (6/24, A1, Bennett, et al.) reports that "General Motors Corp. (GM) announced further production cuts as well as sweeping new incentives on many 2008 models -- a reversal of recent strategy." In addition to GM, "Ford Motor Co. and Chrysler LLC have been trying for over two years to back away from heavy incentives," but a further decline of "car and light-truck sales this month is forcing the Detroit companies to go all out to halt" the slump. In addition to "offering incentives on 2008 models, GM said it intends to raise prices on 2009 vehicles an average of 3.5 percent to help offset a surge in steel prices and rises in the costs of other materials."
On the front page of its Business Day section, the New York Times (6/24, C1, Bunkley, Vlasic) adds that, "[i]n announcing the sales blitz," the automaker also said "that it would offer long-term, no-interest loans on most models through June 30." GM will "cut production of...pickups and SUV's by an additional 170,000 vehicles this year and increase by about 50,000 its output of fuel-efficient cars and crossovers, which are in short supply at many dealerships."
The AP (6/24, Krisher, Durbin) notes that "GM already had increased the prices of its 2008 model year vehicles twice because of rising commodity costs," according to spokesman John McDonald. "The move comes a little more than a week after Chrysler LLC announced a two percent increase in the price of its remaining 2008 vehicles."
The Detroit Free Press (6/23, Merx) pointed out, "In addition to its usual two-week shutdown in July, GM will shut down" production at some truck plants "for an additional week each in July," while at some other factories for an additional two or more weeks.
GM hires Citigroup to review Hummer brand. Reuters (6/24, Kim, Gupta) reports that "GM also said it hired Citigroup to help review its Hummer brand that the automaker is looking to sell or revamp."
The Detroit Free Press (6/23, Merx) notes, "Sales of the Hummer brand fell 62 percent in May compared with a year earlier. January through May, sales of the brand were off 36 percent." The Detroit News (6/23, Terlep) also covered the story.
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