General Motors Problems
US automobile industry began at the end of the 1800's and by the 1890's one out of seven jobs and one out of six businesses owed their existence to the automobile. Also this industry was the largest single customer for many raw materials but now With analysts debating whether or not the American economy is already in a recession, the big three automakers in the US especially General Motors are sharply scaling back production. The facts described by Danny Hakim in an article (G.M. Sees a Loss Near $1 Billion; Stock Falls 14%) published in NYtimes on March 17, 2005 say that announcement by GM about losses of almost a billion dollars for last six month dropped its share to the lowest level in more than a decade. Also it is considered to be ever biggest single day loss since 1987, as GM's share lost 35 points on Dow Jones. GM once considered as strongest among big three is now way behind in the race with the plans to cut off 10% production of cars in North America. Investors have lost......
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