Business news from the first state:
WILMINGTON, Del. — Responding to a shift to smaller vehicles because of surging gasoline prices, the General Motors Corporation said Tuesday that it would end production at four factories in the United States, Canada and Mexico that produce trucks and sport utility vehicles.
The chief executive Rick Wagoner said Tuesday before the automaker’s annual meeting that G.M. would cease production at a full-size pickup factory in Oshawa, Ontario. It also will stop making S.U.V.s at plants in Moraine, Ohio, and Janesville, Wis., and it will stop making mid-size pickups in Toluca, Mexico.
The Hummer brand might be discontinued.
– Via Eschaton
*sigh*
Business people in America were once the thought leaders of the world, but our business genius and entrepreneurship has given way in this country to fat lazy corporate entitlement grubbing.
Let’s face it, why on earth should anyone work hard and innovate when schmucks like Tom Carper and Mike Castle will rig the rules so that your corporation will make money no matter how predictably terrible your business decisions are?
The Bright Side: Maybe this looming Bush depression will allow us to get rid of at least some of the corporate welfare.