What's A Money-Losing Company Worth?
Via ConvergEx's Nicholas Colas,
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Car-tastrophe - GM, Fiat Chrysler Idle 7 Plants; Over 10,000 Workers Affected
Just weeks after Ford idled four plants "due to slowing sales", GM and Fiat Chrysler announced today that they will idle seven plants across Canada and US as they work to reduce near-record high inventories amid weakening sales.
With an inventories-to-sales ratio above historical peaks (only beaten by huge spike in 2008 when sales stopped), the pain for automakers has only just begun...