Reporter wants GM to move to China..

[hellraiser]

There has been writing on the wall dateing back to 2004 they were going to move to China...Nothing wrong with that if they didin't take the bailout money..

[hellraiser]

This is a cut from Cnn lou Dobbs report last night on Cnn..I pulled it from the transript linked below...

The Obama administration invested billions of dollars of your money to bail out General Motors. Now that the automaker has emerged from bankruptcy, GM has shifted its global operations to communist China and believes its future lies in the Chinese market -- this at a time when another general, General Electric, is trying to create jobs in factories right here in the United States. It's a tale of two generals. Bill Tucker has our report.

(BEGIN VIDEOTAPE)

BILL TUCKER, CNN CORRESPONDENT (voice-over): General Motors sold one and a third million vehicles in China through September. That put communist China just a couple of hundred thousand vehicles behind the U.S. GM expects that market to overtake the U.S. market projecting market growth of up to 50 percent in the region, which is why GM is expanding there.

RAY YOUNG, CFO, GENERAL MOTORS: In the future, with this type of explosive growth in the Chinese market, the Chinese industry, I do expect more of our production of General Motors will be based in Asia and China simply due to the fact of domestic market growth.

TUCKER: When GM emerged from bankruptcy back in July, it made Shanghai its international operations base. The concern expressed by critics is GM is building in China, not just to sell in China, but to turn around and import back to the U.S.

PROF. PETER MORICI, UNIVERSITY OF MARYLAND: General Motors goes to China to sell cars there, but it has got joint venture partners, who it's teaching how to make cars. It's not just General Motors that will be sending cars back but Chinese automakers as well.

TUCKER: Another of America's generals, General Electric is making a different sort of declaration.

UNIDENTIFIED MALE: We very much believe that the U.S. has to be an export oriented country.

TUCKER: Earlier this year, GE announced it would expand facilities and production in its Louisville, Kentucky, Schenectady, New York plants and build a $100 million research facility in Detroit, Michigan. Immelt wants America's manufacturing base to rise to 20 percent of total employment or about twice what it is now.

UNIDENTIFIED MALE: The people of GE...

TUCKER: The company touts its U.S. investment strategy to create jobs in its commercials. Analysts though say there's a big difference between GM and GE. REBECCA LINDLAND, IHS GLOBAL INSIGHTS: Money -- you know money doesn't buy happiness but it buys an awful lot of freedom. And GE is profitable and GM is not right now. And so in the short term, for the next few years, GM has to chase the money.

TUCKER: Which the analysts say is how taxpayers will get a return on their investment.

(END VIDEOTAPE)

TUCKER: And that is the biggest irony, say the critics of the government's bailout of GM. It is us, the U.S. taxpayer dollars that bailed out the company, allowing it to expand and create jobs in China. Lou?



http://transcripts.cnn.com/TRANSCRIP...14/ldt.01.html

[ShnOmac]

I see GM is expanding in china.... nowhere does it say GM is moving to China???

[Super83Z]

All those articles are doing is confusing GM of Asia with GM of NA. GM of Asia is going to expand its operations in China (where it will sell those vehicles). The money used to expand its Asia operations didn't come from the US, GM of Asia was still turning a profit when GM of NA was sinking.

[hellraiser]

Originally Posted by shnomac77

I see GM is expanding in china.... nowhere does it say GM is moving to China???

TUCKER: When GM emerged from bankruptcy back in July, it made Shanghai its international operations base. The concern expressed by critics is GM is building in China, not just to sell in China, but to turn around and import back to the U.S.

[ShnOmac]

Originally Posted by hellraiser

TUCKER: When GM emerged from bankruptcy back in July, it made Shanghai its international operations base. The concern expressed by critics is GM is building in China, not just to sell in China, but to turn around and import back to the U.S.

Thats not saying GM is headquarterd in Shanghai... Thats saying its "international" Operations is based in Shanghai.

[ShnOmac]

"Reflecting the importance of the Chinese market to GM, the company has located its international headquarters in Shanghai, where it has a flagship joint venture with local automaker SAIC."

http://www.google.com/hostednews/ap/...MMXmAD9BAR6700

[tones2SS]

Originally Posted by Susantroy1

I agree Justin no need in the high strung antics Hellraiser However, we should at least discuss these issues that might effect GM operations. I never in my life thought that the Greenback would be replaced as the world's reserve currency by foreign currencies either but The storm clouds are there and it doesn't have to be pouring on me for me to realize its going to rain

You said it brother. It's all going downhill, but FAST!!!!
I love that avatar by the way. It's a good thing we're going to help the climate because we had one of the "coldest" summers on record here and it was "only" 39 degrees here this morning. "Only" 15-20 degrees BELOW normal!!
What a joker he is.
But back to the topic at hand, yes, it could very well happen with GM. After all, China just about OWNS the United States Of America. Such a shame too, because I LOVE this great country of ours.

[Susantroy1]

Originally Posted by tones2SS

It's a good thing we're going to help the climate because we had one of the "coldest" summers on record here and it was "only" 39 degrees here this morning. "Only" 15-20 degrees BELOW normal!!
What a joker he is.

I think you hit on a key point

If you notice in the CNN clip Hellraiser pointed us to, they set GE up as the great defender of America for pro jobs Red White and Blue Blah blah blah ect..., (like 100 Mil in Detroit is ever going to help that City out of its woes its simply a propaganda play) and painted that mean ol auto manufacture GM as leaving us poor Americans to starve, when in fact GE has been whoring themselves out to the highest bidder.... Fact GE Stock in Sep 2001 was at 57.81 a share fast forward to Feb 2009 stock price $8.51 per share thats a loss of 49.30 per share in 8 years only once the National election was over has GE only started to bounce a bit from the Green Energy stimulus monies awarded to GE to 16.42 per share. Make no mistake about it..... GE stands to rake in Billions in the Cap and Trade Bill brewing on the horizon. GM is doing what it can to survive..... If that means going overseas to find profits so be it. I personally don't think GM will move its entire operations over there for the simple fact that GM is an American Company albeit mostly international business however, they will not fall under communist rule like the putz in the CNN segment referred to they will be there for the business end of it.

[FenwickHockey65]

GM isn't moving to China. GM is expanding operations in China because the Chinese can't get enough of GM. My roommate's from Beijing and his family owns 2 Buicks.

And like someone said, this article is months old. A crapload of things have changed since then.

[UCF w00t]

This thread...

[drivingincamaro]

Originally Posted by shnomac77

i know Shnomac right?

Stirring the pot

[Mr. Wyndham]

Thread name changed -- because it's misleading.
That article was an opinion piece -- not factual 'reporting'.

GM is NOT moving to China. They've had operations in China for a very long time, now...but they are still very much headquartered in Detroit. Stop all this nonsense.

[hellraiser]

Originally Posted by Dragoneye

Thread name changed -- because it's misleading.
That article was an opinion piece -- not factual 'reporting'.

GM is NOT moving to China. They've had operations in China for a very long time, now...but they are still very much headquartered in Detroit. Stop all this nonsense.

Incredible!