Aug 6th, 2008 by Liz Opsitnik
Experts say that the Big Three might be forced to file for bankruptcy, while the automakers adamantly argue they have enough money and bankruptcy is not an option.
So which is it? Everyone knows that GM, Ford and Chrysler are losing money and sales are down big time. All three companies have recently cut staff among other cuts as well.
With these automakers losing billions of dollars every quarter, there has been increased speculation that there could be a bankruptcy in the next year at one or more of the Big Three automakers, reports CNN Money.com.
It’s going to take years to completely switch their auto line-ups to more fuel-efficient small cars from big gas-guzzling SUVs and trucks. The current consumer shift is forcing Detroit’s Big Three to produce more small cars and do it fast.
“Fixing their product mix and cutting their staff down to manageable levels is going to take a fair amount of time to work down to the bottom line,” said Bob Schnorbus, chief economist with J.D. Power & Associates. “If they continue to lose money at the current rate, their chances [of bankruptcy] are uncomfortably high.”
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