One has to get the feeling that the American automobile industry is dead — or nearly so.
Even with all the Obama tinkering, which is questionable in its value at best, the wall is quickly nearing the windshield and the crash test dummy is the American taxpayer.
Today General Motors said it posted a loss of $6 billion for the first three months of this year.
GM has to give a plan to the federal government by June 1 or go into bankruptcy.
Chrysler is in bankruptcy court and the auto parts manufacturers are saying all this turmoil will mean many of them may go out of business.
Obama’s flawed auto logic
See Ed Morrissey at Hot Air:
For the first time in 80 years, Ford outsold GM, bringing in a topline number of $24.8 billion in sales, against the bailed-out automaker’s $22.4 billion. Both companies had severe reductions in global sales over 2008’s Q1 figures, with Ford losing almost $15 billion in revenue — and GM over $20 billion.
Ford beat GM on the bottom line, too, although that victory seems somewhat Pyrrhic as well. GM lost six billion dollars on the bottom line, while Ford managed to stanch the bleeding down to $1.4 billion. Even that shows better efficiency at Ford, with losses amounting to 105% of sales, while GM’s loss figures to 127% of sales.