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General Motors going Bankrupt?

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Is it true or market rumours that GM - Chevrolet going to bankrupt very soon! I heared it from one of my friend!

After that what will happen for spare parts, are they still available or not?

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Hey Chevy is a GM employee...most of us think that. It is a common account. Please mods they are publicizing their company in our forum. Please take some action on them.

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One of my relatives in US has told me that people there has stopped purchasing GM cars. Nearly 300 showrooms of company are likely to close.

In India company has always betrayed its customers with high cost of maintenence and low resale

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Thank God i didnt buy The Chevrolet Aveo 1.4 sedan!! which i was about to buy and instead bought a Maruti Swift Dzire VXi. I knew it that GM would collapse as it was struggling to keep up with japanese rivals like toyota and honda who make better fuel efficient, low maintenance, good performance cars in US, Europe and Asian markets.

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chillax ' date=' gm won't go down , i mean US won't let GM go down , as millions will be unemployed in US , which obama won't like[/quote']

I too feel the same. Even in GM US go down, there won't be any problem for GM india, as they are not badly affected as their parent company.

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GM IS NOT GOING TO COLLAPSE NEITHER INTERNATINALLY OR IN INDIA ....

IN INDIA IT IS EARNING PROFIT CONTINUOSLY SINCE TWO YEARS ...IN OTHER PARTS OF WORLD ...IT MIGHT NOT BE EARNING AS MUCH AS BEFORE ...THEN THESE DAYS WHICH COMPANY IS EARNING PROFIT AS BEFORE ...

BUT YES WHEN IN FEAR OF IT BEING GOING BANKCRUPT WE STOP BUYING ITS PRODUCT THEN NO ONE CAN SAVE IT GOING BANKCRUPT ....

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Hi Chevy, thanks for sharing your concerns.

Allow me to share this on behalf of GM India. There will be no impact on the India operations, and yes the country wide network for sales and service, including that for spare parts will continue uninterrupted.

Please do feel free to visit http://www.gm.co.in/content_data/AP/IN/en/GBPIN/001/BRANDSITE/GM-India-faqs.html incase of any additional queries.

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Hi Kanika, going by your post, you seem to be working with GM or a hired advert. agency!

It would be great if you could introduce yourself in the "Introductions" section within the forum. Our members could know you better & it would go a long way in believing your words.

 

Its a known fact that major/most of Automobile manufacturers keep a keen eye on auto forums & well this being Autocar, its all the more! Anyways its commendable that someone from GM has responded fast enough to allay fears & reaffirm faith in the brand & also assure old customers about the availability of spares & services.

 

This could be due to instructions from GM International to post in suitable fora but if its your solo effort, then kudos!

Otherwise going by media reports & statements by GM India, its said to have an impact on Indian operations.

 

Somewhere, I do sense an advertising effort over here, not bad though but action on the ground could be hard to meet by GM!

 

Future does seem bleak for GM India, never the less Best of luck!
BornFree2009-06-04 22:20:26

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@kanika_edelman : Looking at your post, I presume all reports of GM India having problem raising credit are just some journalist's active imagination. Please comment on this report.

Please realise we have seen what happened to Daewoo not so long ago. All sage statements were just that.

I am waiting for America as per the statement of the former GM Chariman, Charlie Wilson in 1955 to follow suit. The Chinese or the Saudis or can pull the plug any time!

MODS: Why not change the going in the title to goes smiley1.gif

sgiitk2009-06-05 05:18:32

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Hey...whats happening in US is basically restructuring. We all have heard tht in the TV as well as Paper. The company will be alive and kicking but will be cut down size. No one's gonna close down. The profit making brands (chevy, Caddy, GMC and Buick) will form the new company and US govt will have 60% stake. The remaining brands in US will be sold off and the money from that will be used to finsh the debt of the old company to some extend. And you cannot compare Daewoo india failiure to this. What happend in the case of Daewoo was total bankruptcy with no fall back profit brands and no govt or outside support. Moreover, parts for cars made in india whr coming directly from the closed down mother company in Korea. In case of GM india, i dont think a single part comes from US. So I dont think there is any issue here.

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Hey...whats happening in US is basically restructuring. We all have heard tht in the TV as well as Paper. The company will be alive and kicking but will be cut down size. No one's gonna close down. The profit making brands (chevy' date=' Caddy, GMC and Buick) will form the new company and US govt will have 60% stake. The remaining brands in US will be sold off and the money from that will be used to finsh the debt of the old company to some extend. And you cannot compare Daewoo india failiure to this. What happend in the case of Daewoo was total bankruptcy with no fall back profit brands and no govt or outside support. Moreover, parts for cars made in india whr coming directly from the closed down mother company in Korea. In case of GM india, i dont think a single part comes from US. So I dont think there is any issue here. [/quote']

@arun05: I hope things were that simple. All creditors payments are on hold under Chapter 11. This includes Arcelor-Mittal to the tune of millions of dollars. Now when they try to emerge they will have to face high interest rates, no or minimum credit from suppliers, difficulty in getting bank finance, and so on. The welfare state they were running to the tune of reportedly $2500 per car has now come home to roost. Uncle Sam will have to run very hard to revive GM. But how and in what form remains a moot question.

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Right & administration remaining still with GM, raises more questions!

Overall, declaration of Bankrupsy is no sweet thing to listen! Impact in Indian market will certainly be felt. To start with, Captiva is out of my wishlist, thanks to the declaration, my work is cut!

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True...it aint simple..bt they have managed to get some major concession from the union. And moreover with US govt as a backer they may still manage to get credit/ support from US financial market. Yeah...not gonna be simple....bt look at this from this angle....this is a major change for GM....makes them to sit up and think and also make the right actions. For starters...i guess the welfare state which they whr running till now will stop to exist as tht is one of the concessions that they have got from UAW. But u guys r right...thr will be apprehension in the market..but GM aint gonna go down and out like that. Speed...i dont think u have to take captiva completely out because of this. Kinda hasty dude. Bt tell u wat guys...if GM goes about with the cruz launch in the comg months like they say they r gonna...then my vote goes for it. Launching a car is no small deal....no dealer will be ready for investing in training for the car and tools if they r not sure abt the survival of the company. Afterall....they will eb the biggest loosers...

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Greetings

 

I read it in the Hindu 4 months ago, read it on GM website last week and heard it on NDTV yesterday that the GM India will be adding 250 dealerships and service centers by the end of 2009.  That is only about 6 months.

 

I believe that the GM India will do well here and GM China also should well as long as they make cars that people prefer.

 

TSR 

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GM, USA: Asset's some US$ 83 b, debt some US$ 183 b. Have filed for Chapter 11 bankruptcy proceeding's. Meaning GM is in deep sh*t. Yes, many dealer's have closed shop. I predicted this in the very same forum, some 5-6 month's ago. GM, India is independent of the US operation's, that's what they say, but I won't be too sure about that: Meaning you can go for the Spark but have to be skeptical if your going for the Captiva. GM is a huge enterprise and down the age's has collected a lot of "flab", so basically it's being cut down to size, where it become's manageable and profitable.

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Its only obvious that GM would never admit that it would face trouble, if it does, its gone! So, no matter what the situation, their bosses would always present a strong image!

Agree with DD, cars like Spark(low cost) might not show impact, but buyers of expensive vehicles will think!

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this bankruptcy is happening in America only......... i m still doubtful whether co's in USA are going bankrupt or it is a propaganda of America ......... this is I think 3rd of 4th major bankruptcy in USA

but we have not to worry as Economic Reforms in India are still better & with strong Fundamentals.

GM is now under the direct control of OBAMA's Govt..

 

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Well today came a big advertizment of GM stating that it builds quality car but I think expect for captiva all other are bland or have become old for war. I also mentioned a small car this year end and I have thing to believe that its going to be the production version of Beat concept to be sold with 1.2lt engine tuned for better milege than the Uva . Cruze's sucess is on a hold as it depends on the quality of the interiors of Indian version or else it is a head turner look great in pics on public road also.

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 All similar statements were made when Daewoo got into trouble. The PR blitz by GM is nothing more than that, PR. They have big ads, were on Overdrive, you may see them soon on the Autocar Show, .... I will keep my finegr crossed, and my chequebook at home!

Human memory is indeed short.

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Well that is true that even Daewooo made statements when they went bankrupt in Korea that Indian operations are insulated but consider this-How big Daewoo actually was?GM is over a 100 years old,they have a proud history,they have done full blown investments in the country,they have confirmed the launch of world class products and also GM Corp. is getting all the support from the US govt.It is not like they would go down the drain.They have gone in  'protected Bankruptcy'.It is for their benefit,they will emerge as a stronger company.GM india is therefore shelling out cash on Advertisments informing the masses that it is SAFE in India.Nonetheless Indians panic a lot!

Even in this situation i won't mind buying a Chevy.

Gm is deeply commited to the Indian Market.

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