General Motors Shares Slide Despite Rising Profits

AOL Autos:

The new General Motors today is holding its first shareholders meeting since emerging from bankruptcy in 2009 and issuing shares to the public last November. Not all the shareholders, though, will fit in the room: There are about 138 million of them.

That's because taxpayers in the U.S. still own 26% of the Detroit automaker, owing to the U.S. Treasury and Canadian government bailout of the company in 2009 with funds from the Troubled Asset Relief Program.

Read the whole story: AOL Autos

Comments

[Wordsmith]

11:06 AM on 06/08/2011

GM stock price has gone down 29% in a year, and is at a twelve-month low. There are a number of reasons for this, but I like to point out the VOLT. This car costs 40,000 dollars to build. Chevrolet sells them for about $40,000, making NO profit. They can sell them in any numbers, and still make NO profit. It gets worse. The purchaser is then given a tax credit of $7,500.00, for buying it. So the car costs 40 grand, GM makes nothing, taxpayers pay $7,500.00 to the buyer. The total cost of the car is now almost 50 grand, and it doesn't even have a heater. That's right, the VOLT does not have a cabin heater. What are these people thinking?

[intolleft]

02:09 PM on 06/08/2011

They're not.

[daultman463]

02:42 PM on 06/08/2011

The volt is the biggest joke in the auto industry my friend. We at ford do worry about all the free money GM has and yes they are spending a lot more that the rest on incentives to push their vehicles.

[Wordsmith]

10:57 AM on 06/08/2011

I know a guy who was a GM design engineer. He said they used to laugh about inflexible upper management. He said his team referred to it as "steering the dinosaur".

[Jack Daniels Esq]

05:21 AM on 06/08/2011

Government Motors - lol - we sound more like freaking China every day - get rid of Obama

[BBackSoon]

12:36 PM on 06/08/2011

You have just reinforced my dislike for Jack Daniels.

[Jack Daniels Esq]

12:54 PM on 06/08/2011

Always appreciate intelligent commentary - whining is so passe

[the avenging angel]

11:31 PM on 06/07/2011

But, but Obama said they were doing so well !

[BBackSoon]

12:36 PM on 06/08/2011

Holy Roller.

[mdsman]

10:51 PM on 06/07/2011

Majority of profit was from the selling of the finance company
Incentives to buyers cars were higher than industry average
smoke and mirrors
we'll never see the remaining billions back
And now GM is asking to increase gas taxes to push people to buy the volt!
just to funny if it weren't so sad

[vippy]

11:05 PM on 06/07/2011

We, the people, will never get our money back.  Their profits lately are all smoke and mirrors, most were because they sold Delphi!  It is all over the net why they cannot pay back but people don't read but argue about it.

[dsa1115]

06:44 PM on 06/07/2011

Sorry but the Chevy Volt is not the answer. GM still doesn't have anything to compete with the Prius. But, they do have a 540hp Cadillac. How stupid is GM's management?

[vippy]

11:03 PM on 06/07/2011

The CEO knows nothing about cars, 'nuff said!

[gomezrules]

05:36 PM on 06/07/2011

So here's what Govt Motors is pushing for...

http://detnews.com/article/20110607/AUTO01/106070368/1148/rss25

'Nudge' people to the cars they build that nobody wants! But my guess is Obama and company will do just that. After all, they OWN the company, and manage it! It worked for GE, their backing of all things Obama and the Dems have ensured that the light bulb industry has been destroyed giving them a virtual monopoly on the new, and quite dangerous, bulbs that we will be forced to buy. You tax dollars at work..

[BBackSoon]

12:41 PM on 06/08/2011

Detnews? Faith based news? No thanks.

I happen to like the new lightbulbs. Sure they cost more, but they last. And I have not broken one yet, and have only had to replace one in the 5 or 6 years we have been using them.

[gomezrules]

12:53 PM on 06/09/2011

Are you saying it didn't happen, that this is all made up?