Sunday, May 17, 2009

GM Bailout

One topic no one mentions in the Detroit Bailout controversy is all the offshoring that has been, and still continues, in the auto industry. GM has announced new plants in China, Mexico, Brazil, Russia and India, coinciding with plant and dealership closings in America. GM's dealership closings will cost 100,000 jobs. GM plant closings will eliminate 20,000 jobs. The ripple effect through local economies may cost over a million US jobs.

More plant closings, job cuts due at GM


The Treasury Department has loaned GM $13.4 billion dollars so far.

Guess where the bailout money will go?


GM to invest $200 million in India engine plant

General Motors to invest $300 m in Maharashtra car plant

GM buys India dream, to spend $500m more

GM Cuts Dealers & Starts to Outsource Overseas

GM announces $5 billion investment in China

UAW Furious Over New GM Plant in China

GM opens new China plant


GM Mexican Plants Expand as Carmaker Seeks Funds for Rescue
"GM, for instance, has invested $3.6 billion in Mexico in the last three years."



General Motors to Invest $1 Billion in Brazil Operations
"According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the government and will be used to complete the renovation of the line of products up to 2012."


General Motors to Build Chevrolet Cars in St. Petersburg, Russia


The bailout money is going OFFSHORE!

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