https://www.autonews.com/blogs/opel-celebrates-historic-profit-after-decades-losses-under-gm
Proof GM management is incompetent
4 replies (most recent on top)
In the U.S., all pensions should be converted into 401k's
Pensions just rip off the taxpayer or consumer
These pensions for public servants and these auto workers will be the end of the west as we know it... on top of that add taxes and it gets really ugly
Profit is an opinion. Cash is a fact. Check back again next reporting period and see if Opel continues to be profitable. GM had to pay PSA what's called transferred pension obligations in 2017. After that, PSA had laid off thousands. Therefore, last year PSA didn't have to burn cash which helped Opel to have profit.
No so fast my friend. Take away the debt burden and look what at it did for GM. (Even if you screw the bond holders and rewrite bankruptcy law in the process.) GM actually paid Peugeot $3 billion to take Opel off our hands. Read the fine print of the quarterly report after the sale was finalized. GM also committed to supporting German pensions ad infinitum. Therein lies the incompetence. Not the day to day operations.