VOLT ENGINE PLANT ON HOLD: “Word is that GM has shut down construction because it doesn’t have the cash to pay for steel structural members.” Ouch.
The new Flint, Michigan engine plant slated to build the ICE for the Chevrolet Volt has been put into deep freeze. AP (via Yahoo) has this latest tale of woe. Word is that GM has shut down construction because it doesn’t have the cash to pay for steel structural members.
Only four short months ago GM said it would spend $370 million building the new engine plant, and scored $132.5 million in Michigan tax incentives for its efforts.
If this vehicle is really GMs future, building the facility should be the most (or really close to it) important activity at the company.
I think GM’s inept executives and managers and short-sighted employers have a death wish.
Please, no bailout for GM.
Chapter 11 is the way to go. Wipe out the stockholders. Clean out the execs. Break the union. Toss the dealer contracts.
A smaller, different GM maybe be able to survive.