Desperate In Detroit

摘要

The weather in January was cruel-but not half as cruel as the month was for carmakers. U.S. auto sales fell 40%, the poorest start for a year since 1963. Detroit's Big Three fared the worst, especially General Motors and Chrysler, each with sales declines in excess of 50%. Ford sales dropped 40%, and Toyota and Honda each posted declines of about 30%. Meanwhile, GM lobbyists hit Capitol Hill again, trying to get a potential tax liability waived. GM must get bondholders to accept equity for their debt, but the freed-up cash would lead to a tax liability as fat as $7 billion-enough to put the company under.