The editorial writers at Investor’s Business Daily slice and dice the first significant post-bankruptcy move by Government Motors – “Cadillac, the new fragrance for men”. That’s right – if you can’t afford a new car, at least you can smell like one (or more likely, just plain smell).
Seriously, there are two GMs – the one that saw a 22% drop in sales for the first 6 months in the US, and the one that saw serious growth nearly everywhere else on the globe. GM sales in China grew by 38%, and sales in several Latin American countries set records. I do discount the market-share growth in Europe, as GM has shed or is about to shed its two major European brands, Opel and Saab.
The money quote from IBD – “We hope GM can survive in the U.S. But we rather doubt it can with a management that thinks that perfume will cover up the stink of political meddling and the lingering bad odor of its ruinous retirement and health care costs.”
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