What are your thoughts on this ?

Oct 1, 2020 19 Comments

Saw this video on youtube a few minutes ago.
What the guy in the video and the people in the comments are saying is shocking. Could there be any truth to all this ?

https://m.youtube.com/watch?feature=youtu.be&v=6OGugv5dn-A

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TOP 19 Comments
  • Lots of fluff and opinion. GM deffered 20% of our salary for a few months. We are getting 6% interest on the deferment, we got the 100% salary reinstatement early and getting the deferral payment early. Doesn't sound like a bankrupt company to me. We are also hiring a lot. We are getting candidates from companies who reneged on their offers (many big names, including some in silicon Valley I've personally interviewed). Maybe this guy should make a video on *those* companies.

    I can't comment on Ford though.
    Oct 2, 2020 4
    • Nikola fiasco did suck. I read there was a former GM VP who was on the board and knew Mary Barra so maybe she was too trusting of him unless he got conned too. Anything is possible, but all critics say GM had nothing to lose money wise...just a black eye in the form of reputation.

      I don't have a crystal ball and don't know if GM will succeed. But conventional engine sales will keep the company afloat for many years. If we succeed in the EV transformation the it would be awesome to be part of it.

      If we fail the EV transformation then we would have time to find new jobs. We will see the writing on the wall. I like GM but I'm not married to GM.
      Oct 4, 2020
    • OP
      All executives have made enough money to retire comfortably. No one thinks about the employees who actually get shit done. I have come to realize that. You have people who actually don't know shit calling the shots.
      Oct 4, 2020
  • Ford
    mspford

    Go to company page Ford

    mspford
    Ford recovered super fast. In fact we have 300k + orders for bronco. Also, 100k orders for MachE. F150 and explorer already leading segments. Even lincoln is increasing market share.
    All this doesn't sound bankruptcy.
    Oct 2, 2020 4
  • Highly misleading
    Oct 2, 2020 0
  • OP
    I do feel like may people over critize and tend to neglect the manufacturing industry in general. It does seem to be all about tech industries now. Which is just sad because it is the manufacturing industry that so literally saving everyone's ass during covid. Making masks and ventilators.
    Oct 3, 2020 1
    • Yep... Remember when Tesla was going to make ventilators and everyone drooled over it. WTF happened there. All fluff and no stuff. Good marketing doesnt save lives, but unfortunately does drive sales.

      GM and Ford churned out the ventilators.
      Oct 4, 2020
  • Rivian
    rivianish

    Go to company page Rivian

    rivianish
    The most curious and interesting claim is the bond rating. What’s driving that?
    Oct 3, 2020 1
    • Most of the debt is from auto loans. (E.g. you buy through GM financial, GM pays the 50k for your vehicle and you pay them back over time). That's technically 50k of debt.

      The bond rating is junk because this is all revolving debt, but it's not inherently supposed to net positive. As people pay back their loans, GM is fronting the price for another vehicle, etc.

      I'm not sure what lending status necessarily implies, but the reality is the automakers aren't huge profit centers. They're moreso major employers, which is why the government protects them. Ford or GM go out of business, and you have millions out of a job, from the OEM itself, to the 1000's of suppliers, to the repair shops, to the dealerships, etc.
      Oct 3, 2020