It means trouble for GM. They are going to have trouble moving as many vehicles as they did last year and their market share will continue to shrink.
More Quotes from Peter Morici:
My feeling is he is not interested in an active role in the management of the company, that his interests are more financial,Peter Morici
The plan lacks a clear statement of how Ford is going to get its labor and design costs in line with its Japanese competitors. Lacking that, Ford will not be able to offer vehicles that are competitive in price, quality and content.
Peter Morici
Look for the Fed to increase rates another quarter point next week, but don't assume it will continue raising rates all the way to 3.5 percent. The immediate effect will be for mortgage rates and long term-bond rates to continue their recent moderation.
Peter Morici
We are caught in the situation of needing more materials for the construction effort and less ability to make them. The port's closure disrupts a lot of supply lines,
Peter Morici
The overvalued dollar will contribute mightily to the US trade deficit until the Bush administration takes decisive action.
Peter Morici
Even in North America, (Toyota's) factory labor costs are lower because it pays a bit less for labor and is not encumbered by excessive benefit costs.
Peter Morici
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