The outlook for GM got a little bleaker yesterday, as the company reported their sales plummeted 41% in November. In addition, they officially asked the government for $12 billion, saying that’s how much they need to survive.
Part of their restructuring plan is to sell Saab and Hummer while possibly killing Saturn and scaling back Pontiac. GM also proposes executive pay cuts while their CEO says he will work for a symbolic $1 per year.
Ford meanwhile announced they may not need a bailout, expecting to have enough money to make it through next year without government help. They said they have a plan to break even or even turn a profit in 2011.
These are the facts that spurred me to begin an official GM death watch, as Ford is showing signs of confidence and recovery while GM continues to bend under pressure but has yet to break.
Now, it’s up to the government to decide whether or not General Motors surives.
Do you care if GM lives on?