This week the automotive news from America hasn’t been all that good … unless you were the head of General Motors. Sure he got let go but then who would care about not having a job when you’re slipped a cheque for $US29 million as you walk out the door?
Ford … the one company in the US that really seems toÂ understand the whole re-structuring thing better than GM or Chrysler struck a snag this week when they were forced to shut down the plant that’s turning out the gas-guzzling F-150 for the next three weeks.
It’s no surprise that demand for the F-150 is down 45% from this time last year.
And just to really make you scratch your head, GMAC … the finance arm of General Motors … announced on Wednesday that it would resume old habits and start lending money to people who really can’t afford it (otherwise known as sub-prime borrowers). Now that makes a lot of sense doesn’t it?
And finally, the head of Chrysler may well be looking up his payout figure on the company’s intranet … it seems that Obama may not have finished sacking auto industry bosses.