Cassandra Watch: Autoextremist Edition
The former PR spinmeister currently writing under the Autoextremist moniker has long been one of Detroit’s most fervent not to say (’cause that would be rude) ardent supporters. No more. Peter DeLorenzo has put down his pom-poms and finally faced the truth about both GM and Chrysler. “GM’s foray into the idea of a Chrysler takeover exposed that company’s dire situation for all to see. Burning through cash at a prodigious rate – a little more than $1 billion per month according to estimates – GM’s search for crucial financing is getting beyond desperate at this point, and now everyone knows it… GM’s situation grows more precarious by the moment, and if they don’t make a deal for that much-needed infusion of cash soon – in the next 12 months, preferably less – then we could be contemplating the unthinkable. And that means not only the end of GM’s 100-year reign as the largest American car company and one of America’s historical industrial touchstones, but the end of General Motors, period.” As for Chrysler…
Sweet Pete sees Carlos Ghosn’s Nissan – Renault as the more likely suitor for what remains of the Crisis Corporation. But, even if the Brazilian-born auto exec eventually assumes the reins in Auburn Hills, “At the end of all of this and no matter what scenario unfolds, Chrysler’s roller-coaster ride as one of America’s ‘Big Three’ – which saw boom and bust cycles playing out with much Sturm und Drang over the years – is finally over. It may hang on as an entity called ‘Chrysler’ for a few more years under Ghosn’s stewardship, but don’t kid yourselves, the U.S. domestic automobile industry is imploding at an alarming rate.”
And the good news? “Well Ford just may be the last American car company standing when this is all done playing out.” May?
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psarhjinian nailed my evolving perception of Peter DeLorenzo as well. Several years back I used to look forward to Wednesday mornings because here (or there) for the first time a smart industry guy was saying things about Detroit I had been thinking and saying to my friends for years, plus he had inside access I could only dream of. But then, he went off the rails and down the rat-hole of the Gospel According to Lutz. At about that time, I discovered an even more interesting car website .... TTAC. Hmmm, a guy who used to make a lot of sense and then develoved into an angry caricature of himself. Ummm, best not go there :).