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General Motors announced a $2.5 billion third quarter loss on Friday, Nov. 24, with further details expected. Will the biggest automaker cut jobs to keep the business above water, or will the government become their savior?
What would it mean if both options do not help GM stay afloat and the company is forced to shutdown?
Firstly, it is estimated that 3 million jobs would be lost. Approximately 7 external jobs per 1 GM employee who lose their job would be effected. Who knew that GM supported so many outside jobs before the economic crisis?
Also, if GM were to close down then the other 2 of the "Big Three" would unfortunately follow.
A harsh backlash against foreign automakers would happen if such a situation would occur. Realistically, would Americans buy foreign vehicles if the "Big Three" were forced to close?
GM is already building a business case to receive financial support from the government. The automaker has introduced the Volt, which is the beginning stage of manufacturing the most fuel efficient car that could save the auto industry.
The release of the Volt is just 1 of many fuel-efficient products that the automaker has in the pipeline. Currently, the Volt can be driven up to 40 miles before using a drop of gas.
President-elect Barack Obama has made the auto industry a "high priority" and realizes the industry is the "backbone" of America, according to his opening statement on Friday.
Obama added that he wants to help "weather the financial crisis" and "succeed in producing fuel-efficient cars here in the United States."
The auto industry is receiving the much needed attention by Obama, which is a great sign for the "Big Three," and the external companies that help support the automakers.
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