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Merrill Lynch: GM Bankruptcy Is "Not An Impossibility," Stock Price Plummets

GM stock is down over 14% today to a price of about ten bucks a share — lowest point in decades. Why? Well, according to the research-boys at Merrill Lynch, GM's got $27 billion in cash on hand and the automaker needs $10 billion to run the business on a day-to-day basis. To deal with the shortfalls involved with… »7/02/08 3:30pm7/02/08 3:30pm

Car Industry Carnage: US Auto Sales Down 18.8% For June

Everybody knew it was coming, but the extent of the disintegration of the US automotive market came clearly into view today as automakers reported their sales figures for June. During a month when the national average price of gasoline topped an average of four bucks, what does one expect? Well — how about an 18.8%… »7/01/08 7:20pm7/01/08 7:20pm

Hummer Sales Fall 59.3%, Rest Of GM Sales Down 18.5%, Car Industry Carnage Continues

Hummer sold 59.3% fewer vehicles in June this year than it did in June 2007, further fueling questions about the brand's viability. GM's overall sales are down 18.5% for June and 16.5% for the first half of 2008. There's some light at the end of the tunnel though: Malibu and Cobalt sales are soaring. The Malibu is up… »7/01/08 3:40pm7/01/08 3:40pm