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Apr 13, 2009 | 10
Despite an infusion of federal funds, there are reports that General Motors (GM) – the nation's No. 1 and the world's No. 2 automaker is preparing to declare bankruptcy on June 1. GM was leader of the pack for 77 years until 2007 when Toyota surpassed it as the globe's top car seller. Meantime, the company is fielding offers for its king gas-guzzler, the Hummer, which has attracted interested bidders despite its enviro-hostile rep and dismal sales.
Detroit-based GM has received over $13 billion in government support since last year to keep it afloat despite slumping sales, in part due to the firm’s reliance on gas-eating sports utility vehicles and pickup trucks. These vehicles have fallen out of favor in the face of rising oil prices.
The Detroit News reports that GM is mulling declaring bankruptcy and reorganizing in a way that would enable it to retain its most promising Chevrolet, Buick and Cadillac brands. That means the electric-gas hybrid Chevy Volt would continue its rollout, even though GM expects to lose money on the first generation of the high-tech vehicle, according to Automotive News.
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