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Principal Software Engineer TC~300K at Microsoft vs 600K at Meta. Is 300k pretty low for Principal scope?
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F and GM both got downgraded by more than 50% from their previous targets. Also underweighted from overweight. Rivian and other ev's getting dumped. New projects and investments will go on hold or slow down. We are going back to bad old days. Change my mind if you feel otherwise. #auto
Nope you are right .... Domestic OEMs will get severely affected. The union deals and wages etc is going to choke F and GM. The only way to survive is to get out of unions -- look at Toyota, Nissan and Tesla. Unions have long become unnecessary
Having interviewed at tesla and Toyota and also interacting with people there I can say that unions are needed. The way they treat people is not correct. Unions can balance that power dynamic. What's happens in Michigan oems is that unions maybe have too much power and boomer white men in corporate also don't change. They can do a lot more with unions intact. They are just incompetent.
Here we go, blaming unions. Seems like February 2019 is a distant memory.
Yup - not just OEMs - also at vendors/suppliers that are tied to OEMs
The automotive industry always gets hit hard during actual recessions since ppl won't buy cars and higher interest rates make financing less appealing. I can see all of them doing layoffs including boomer ones who love to cut engineers.
Personally, I think legacy auto is screwed with the EV transition. Ford and GM have horrific debt that they simply don’t pay off. Anyone remember the bailouts they got in 08 that they literally never paid back? Lmao The transition to EVs is wildly expensive. Ford said its EVs are not profitable today. Meanwhile, ICE sales are going to begin declining in the coming years and those are the vehicles that bring profits to legacy auto… If we do truly enter a recession, where on earth will GM and Ford get the financing to fund their lofty EV plans? I’m no expert by any means but I see a world of hurt coming for GM and Ford that may break the companies.
Ford took a loan, guess that’s not a “bailout.” https://www.freep.com/story/money/cars/ford/2020/07/29/ford-government-loan-department-energy-debt/5526413002/ When did GM pay its bailout back? Please share a link. https://www.reuters.com/article/us-autos-gm-treasury/u-s-government-says-it-lost-11-2-billion-on-gm-bailout-idUSBREA3T0MR20140430 https://www.autoblog.com/amp/2018/11/28/trump-says-gm-should-repay-u-s-taxpayers-for-bailout/
Most of the GM loss is from taking ownership and sharing shares too early at a loss. As for Ford debt, most is Ford credit taking on debt, but it's all very profitable. We don't carry insane levels of debt on the automotive side afaik.
Ford is still paying off loans from 2008. They should of just went bankrupt instead and take the bail out
So you think layoffs are coming to OEMs? They hired like crazy recently
Very very likely -- if you were a new hire in the last year, I'd be looking for exit options .... this is exactly how 2019 unfolded
I was interviewing at GM and looking to join soon but everything is on hold seems like. Probably have to rethink joining at the moment