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Carnage

industry news

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 rebuilding the company, they'll apparently need to raise $10-$15 billion in the next year or two. How are they to do that? No one really knows. And that answer caused the usually bullish boys at Merrill to say "Bankruptcy? Yeah, it could happen." More »

question of the day

Which Automaker Would You Vote Off The Island?

The Car Industry Carnage is making it increasingly clear that some automakers have what it takes to weather the recession and some don't. Call it natural selection, survival of the fittest, whatever, the time has come to separate the wheat from the chaff. Let's decide who deserves to remain afloat and who should be cast adrift, who makes the team stronger and who brings it down. More »

car industry carnage

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% decline in sales. Fercrissakes, the Hummer brand saw a year-over-year fall of almost 60%! Un-freakin'-believable. What we have here folks is an automotive bear market — actually probably the worst bear market in the history of the industry. And like all bear markets, there are some clever companies which manage to shine even during the worst of times. Follow along as we discuss today's car industry carnage. These numbers are sourced from Automotive News as well as directly from manufacturers and are unadjusted unless otherwise noted. More »

industry news

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 73.4% from a year ago, while Cobalt is 21.6% higher. Where will the car industry carnage stop? Check back at the end of the day for a full sales report wrap-up. [source: Automotive News Sub. Req.]

accidents

Danger! Moose Obliterates Lumina

Moose are proving to be the bane of the open road roadway. Before they were just eating our cars, now apparently they are committing auto-assisted Seppuku. After seeing those gloriously gory photos of a BMW being outfoxed by the local wildlife, reader Jeffrey Schmatz called us dainty little girls and sent in pics of what happens when a Chevy Lumina tangles with a Canadian moose. While not as blood and gutsy, these have more of that wow factor that guarantees dozens of rednecks standing around with PBR in hand spinning yarns about bigger moose and bloodier destruction. Something has to be said about a animal strike that will require a crane to be involved. Again, we'll maintain our demure sensibilities and keep the gallery below the fold. More »

accidents

BMW 320D Touring Turns Fox Into Hamburger (Not Safe For Weak Stomach)

Imagine cruising in your brand new, 2007 BMW 320D Touring at 230 kph (~143 mph) along the pristine asphalt of the Autobahn, listening to the finest in German techno. All of a sudden from the roadside, a flash of fur streaks across the road and you feel a mild thump, accompanied by a spray of rouge across the bottom of the passenger side windscreen. All of the warning lights explode across your instrument panel. If you are the fellow who drives this particular BMW, you don't have to imagine anything, because this scenario played itself out recently and the fox who did the streaking did not live to tell his tale. Excuse our discretion, but the gallery for this one is below the fold... More »

porsche carnage

Supposed Artist Cubes Porsche 911

"I felt a great disturbance in the Force, as if millions of voices suddenly cried out in terror and were suddenly silenced. I fear something terrible has happened."
I have no context or info on this as my German is not yet good enough and the shock would have prevented translation anyway. Apparently the leftover 997 cube went on display in Bregens last October. May the artist involved be sent to the ring of hell where you are repeatedly dipped in piping hot 10W40. We've been seeing far too much Verstoemmelung in the last few days. When will the chain of violence end? More »