Ten years before Chrysler introduced the world to minivans, General Motors had already developed its own version. Toyota sold the Prius at a loss for years before it became popular while GM leased a fleet of electric EV1s for three years before deciding it would never turn a profit. Honda and Toyota both sold small, efficient vehicles for decades even though their sales were relatively small and profits less than stellar. Meanwhile, GM spent billions to establish Saturn to compete with small import cars, only to let the brand go five years with no new products.
At least that’s the way this New York Times story looks at GM’s recent history.
They should know…
More startling over the past year has been the collapse of the New York Times (NYT). The New York Times Company has a $400 million debt payment due in five months, and management has not yet explained how it plans to meet this. The company is nearly out of cash, its operations are now burning cash, and its attempts to sell assets have, so far, been unsuccessful.
My my. What ever (sniff sniff) would we do without the New York Times?