Inventing planned obsolescence, that didn't turn out so well for GM.

It is with sad irony that the company which invented "planned obsolescence"—the decision to build cars that would fall apart after a few years so that the customer would then have to buy a new one—has now made itself obsolete.
It refused to build automobiles that the public wanted, cars that got great gas mileage, were as safe as they could be, and were exceedingly comfortable to drive. Oh—and that wouldn't start falling apart after two years.
GM stubbornly fought environmental and safety regulations. Its executives arrogantly ignored the "inferior" Japanese and German cars, cars which would become the gold standard for automobile buyers.
Beginning in the 1980s, when GM was posting record profits, it moved countless jobs to Mexico and elsewhere, thus destroying the lives of tens of thousands of hard-working Americans. The glaring stupidity of this policy was that, when they eliminated the income of so many middle-class families, who did they think was going to be able to afford to buy their cars? ... Micheal Moore http://www.thedailybeast.com/blogs-and-stories/2009-06-01/goodbye-gm/

A comparison of 33 different car companies sales losses. Who needs 33 brand name cars from 7 corporations?

Basically sales are down 30-45 percent in the automotive new car market.
http://www.autoblog.com/2009/04/01/by-the-numbers-march-2009-aint-no-joke-edition/

The laundry list of GM problems

$2,000 has to be added to the price of each car to cover pensions and health care costs or retirees.

2008 3rd quarter loss, $4.3 billion

Musclecar Enthusiast, Feb 2009