đź“° Auto News Rumor: GM To Put Chevy Volt Program On Hold, Cut Engineering Staff Tomorrow

Mook

Mr. Manager
Staff member
Admin
May 23, 2007
207,096
118,682
Elgin
Real Name
Mike
Chevy-Volt-Killed.jpg


Rumors of tomorrow's "important changes" at GM have approached a fevered pace, but the latest one we've heard is coming directly from someone who's directly related to someone who could be directly affected if the rumor is true. So, it must be true, right? Anyway, we've just been told by the family of a Chevy Volt engineering team member that not only is the untouchable Volt program on hold, GM's even letting some of the engineering team, aka "the chosen people," go. Hit the jump for the full rumor.

"My uncle works on the Volt as an engineer. He's getting laid off Friday because apparantly the project (aka VOLT) is on hold indefinitely."

We've put in a call to GM PR to ask them about the veracity of our tipsters claim, but we've yet to receive a response. We'll let you know when we've got more to tell you — but in terms of reliability, it would mean yesterday's Reuters report claiming GM was expanding R&D spend on hybrid electrics was total baloney. I hate baloney. Even when it's fried.

jalopnik.png
 

Bru

Moderator
Staff member
Moderator
TCG Premium
May 24, 2007
40,510
10,218
I'm betting that the Volt is safe, just like the Camaro. But they should seriously cancel cars that no one cares about, like the Pontiac G3 and Buick Lucerne, instead of canning cars like the new Buick and Cadillac coupe
 

Mook

Mr. Manager
Staff member
Admin
May 23, 2007
207,096
118,682
Elgin
Real Name
Mike
from Autoblog


You can never be certain about the information you get from fourth-hand, unconfirmed sources. General Motors will be releasing its third quarter financial results this morning, and it will be ugly for sure. Rick Wagoner will also be announcing more cuts that will likely include layoffs among engineering staff. GM is expected to cancel or delay almost all future product plans in an attempt to staunch its current cash burn rate. One of those aforementioned fourth-hand sources told another website last night that the Chevy Volt is among the programs on the chopping block. AutoblogGreen contacted GM's Volt spokesman Rob Peterson, who stated that "there's no truth in that statement whatsoever" regarding the story that appeared on Jalopnik. Chevrolet spokesman Terry Rhadigan also said "I'm not going to respond to specific speculation. The Volt remains a top priority for our Company and there are no changes to the timing of the program." So for now, at least, the Volt is safe.
 

Mook

Mr. Manager
Staff member
Admin
May 23, 2007
207,096
118,682
Elgin
Real Name
Mike
the big news is how fucked GM is....it should be announced within minutes

General Motors has halted trading in advance of the big third-quarter announcement we've been waiting for. This isn't catastrophic news, but it underlines the fact that the announcement (which was supposed to made a few minutes ago) is going to be bad. Really bad. It's raining in Detroit right now and CNBC's Phil LeBeau is sitting on the phone waiting for his producer to give him the numbers so that he can report them to the world. It's a rather fitting scene. Expect a quick update as soon as we hear the news.
 

Primalzer

TCG Elite Member
Sep 14, 2006
25,259
61
The nation's largest automaker reported that it lost $4.2 billion, or $7.35 a share, excluding special items. That's up from the loss $1.6 billion or $2.86 a share it reported a year earlier and was far worse than the forecast of analysts surveyed by earnings tracker Thomson Reuters, which had forecast a loss of $3.70 a share.

But the most shocking news came in its statements about its cash position. GM said it had burned through $6.9 billion during the quarter and warned that it "will approach the minimum amount necessary to operate its business" during the current quarter.

:eek2:
 
Old Thread: Hello . There have been no replies in this thread for 90 days.
Content in this thread may no longer be relevant. Consider starting a new thread to get fresh replies.

Thread Info