Auto-Industry Crisis, Job Losses Test Obama
2008年11月10日12:46
通用汽车公司(General Motors Corp.)和福特汽车公司(Ford Motor Co.)公布第三季度核心业务利润出现巨亏，并在该季度合计消耗了高达146亿美元的现金，美国政府被迫为其汽车业空前的萎缩提供融资的可能性也大大提高了。
General Motors Corp. and Ford Motor Co. posted steep losses in their core operations and together burned through a staggering $14.6 billion in cash in the third quarter, raising the possibility that Washington may have to step in to finance a historic downsizing of the U.S. auto industry.
通用汽车承认，如果不能获得政府帮助或看到汽车销售出现明显回升，那么其现金储备可能在今年晚些时候达到维持运营所需的最低水平，这显示出目前的形势已经严重到了何种程度。
In a reflection of how dire the situation is, GM acknowledged its cash reserves could approach the minimum levels it needs to keep its operations going later this year, if it doesn't get government help or see a dramatic turnaround in vehicle sales.
当选总统奥巴马(Barack Obama)在当选后与其经济智囊团首次出席的新闻发布会上称，他已经要求他的团队制定帮助汽车业渡过金融危机的办法，但他没有详细说明此事。
President-elect Barack Obama, appearing with his economic brain trust in his first press conference since the election, said he had asked his team to work on ways to help the auto industry survive the financial crisis but offered few specifics.
奥巴马说，汽车业是美国制造业的支柱，是我们降低对海外石油依赖的重要组成部分。他支持进一步推进美国工厂生产更多的节能汽车。
'The auto industry is the backbone of American manufacturing and a critical part of our attempt to reduce our dependence on foreign oil,' Mr. Obama said. He endorsed speeding up efforts to convert U.S. factories to produce more fuel-efficient vehicles.
通用汽车称，已经停止了同克莱斯勒(Chrysler LLC)的并购谈判，此举也显示出通用汽车需要立即获得救援的紧迫程度。
In another development reflecting the extent of GM's need for immediate relief, the company said it has ended talks about a merger with Chrysler LLC.
通用汽车董事长兼首席执行长瓦格纳(Rick Wagoner)在电话会议上向记者和分析师称，可以说流动性是通用汽车和整个行业目前的重中之重。汽车制造商无法获得贷款完成它们的重组。
'It's fair to say liquidity is the top priority for the company and the industry right now,' GM's chairman and chief executive, Rick Wagoner, told reporters and analysts in a conference call. 'Car makers can't get credit to complete their restructurings.'
底特律不断加深的危机令分析师预计，一个甚至更多的汽车制造商可能会寻求破产保护。但瓦格纳说，通用汽车并未考虑提出破产申请，重要原因之一在于这会吓跑汽车买家。他说，除了经营我们的企业之外，我们没有其它任何计划。
Detroit's deepening crisis has led analysts to predict that one or more of the auto makers may have to seek bankruptcy protection. But Mr. Wagoner said a bankruptcy filing by GM wasn't being discussed, in large part because it would scare off car buyers. 'We have no plans for anything other than running our business,' he said.
分析师称，通用汽车的形势看来越来越不容乐观。会计及咨询机构Plante & Moran的合伙人克雷格?菲茨杰拉德(Craig Fitzgerald)说，如果看看现金的消耗速度，它们绝对需要获得注资，而看来唯一的可行的选择就是政府的支持。
Analysts said GM's situation appeared to be increasingly desperate. 'If you look at the burn rates [of cash] they absolutely must have an infusion of capital and it appears the only option on the table for them is government support,' said Craig Fitzgerald, a partner with Plante & Moran, an accounting and consulting firm.
白宫发言人弗拉托(Tony Fratto)说，布什政府不愿在能源部已经授权的250亿美元低息贷款外提供更多资助，除非国会接手此事。
White House spokesman Tony Fratto indicated the Bush administration is reluctant to provide more aid beyond the $25 billion in low-cost loans the Department of Energy has been authorized to award, unless Congress takes up the matter.
当选总统奥巴马似乎更愿意提供更多帮助。他向记者表示，我已经把这作为我的交接团队的重要任务──研究其它政策选择，帮助汽车业进行调整，渡过金融危机，并在美国成功生产节能汽车。我已要求我的团队研究在目前法律下我们能做的事情，以及为此目的是否需要制定其它立法。
President-elect Obama appeared to signal greater willingness to extend more help. 'I have made it a high priority for my transition team to work on additional policy options to help the auto industry adjust, weather the financial crisis and succeed in producing fuel-efficient cars here in the United States of America,' Mr. Obama told reporters. 'I've asked my team to explore what we can do under current law and whether additional legislation will be needed for this purpose.'
密歇根州民主党众议员莱文(Sander Levin)在上周五接受采访时敦促布什政府让汽车厂家获得财政部向金融机构拨出的7,000亿美元贷款中的部分款项。这一观点得到了国会部分议员的支持，其中包括参议院多数党领袖雷德(Harry Reid)。
Rep. Sander Levin, D-Mich., urged the Bush administration in an interview Friday to let car makers tap some of the $700 billion the Treasury Department has allocated to help troubled financial institutions. That view was echoed by some others in Congress, including Sen. Harry Reid, D-Nev., the Senate majority leader.
上周四，通用汽车、福特汽车和克莱斯勒的首席执行长到华盛顿向众议院议长佩洛西(Nancy Pelosi)申请救助。讨论的问题之一是在能源部为提高燃油效率拨付的250亿美元之外再提供250亿美元贷款。尽管佩洛西表示赞同为底特律厂家提供支持，但并未承诺提供更多帮助。
On Thursday, the chief executives of GM, Ford and Chrysler went to Washington to appeal to Rep. Nancy Pelosi, the Democratic speaker of the House of Representatives, for aid. Among things discussed was an additional $25 billion in loans on top of the $25 billion to be provided through the Energy Department for fuel-efficiency improvements. While saying she favors support for Detroit, Ms. Pelosi stopped short of promising more help.
能源部上周称，250亿美元贷款不太可能在年底前拨付。
The Energy Department said this week it is unlikely that any of the $25 billion in loans would be disbursed before the end of the year.
福特汽车和通用汽车称，他们预计2009年的市场状况会依然低迷，这与他们年初时预计汽车销售将出现复苏形成了鲜明对照。
Ford and GM said they expect market conditions to remain anemic throughout 2009 -- a stark contrast to the expected turnaround in auto sales they predicted at the beginning of this year.
通用汽车公布第三季度包括特殊项目在内，净亏损达到了25亿美元，合每股亏损4.45美元。上年第三季度该公司净亏损为425亿美元，合每股亏损75.12美元；当时亏损主要来自同冲减抵税额有关的支出。
GM reported a net loss of $2.5 billion, or $4.45 per share, for the third quarter, including special items. That compares with a net loss of $42.5 billion, or $75.12 per share, in the third quarter last year; the vast majority of that loss stemmed from a charge related to the write-down of tax credits.
通用汽车称，第三季度共消耗了69亿美元现金，现金储备还有162亿美元。该公司表示，运营资金需要110亿-140亿美元，瓦格纳说，通用汽车计划将手头的现金维持在该水平之上。
GM said used up $6.9 billion in cash in the quarter, leaving its cash reserves at $16.2 billion. GM says it needs $11 billion to $14 billion to fund its operations, and Mr. Wagoner said GM plans to keep its cash on hand above that level.
通用汽车第三季度的收入为379亿美元，低于上年同期的437亿美元，这反映出该行业销售状况的普通下滑。
Revenue at GM for the third quarter was $37.9 billion, down from $43.7 billion in the year-earlier quarter, reflecting sales declines across the industry.
为了生存下去，通用汽车正在加大成本削减力度。上周五，公司提出了额外降低50亿美元费用的计划。这其中包括大幅降低2009年资本支出，并裁减更多的白领工人。今年7月份，通用汽车已宣布削减100亿美元成本。
In order to stay alive, GM is deepening its cost-cutting drive. On Friday, it laid out $5 billion in additional expense reductions. These include a dramatic cut in 2009 capital expenditures and additional cuts to its white-collar work force. These cuts come on top of $10 billion in reductions announced in July.
通用汽车的流动性面临着比福特汽车更大的压力。若不是该公司获得了35亿美元的担保循环信贷，那么这个季度可能已经滑向其最低资金要求水平了。
GM's liquidity is under more pressure than Ford's. Had the company not drawn $3.5 billion from a secured revolving credit facility, the auto maker could have sunk alarmingly close to its minimum funding requirement during the quarter.
通用汽车称，消耗现金速度第四季度会有所改善。
GM said it expects its cash-burn rate to improve in the fourth quarter.
福特汽车称，第三季度亏损1.29亿美元，合每股6美分。不包括同退休人员医疗成本有关的一次性所得，福特汽车税前营运亏损为27.5亿美元。去年同期该公司净亏损3.80亿美元，合每股亏损0.19美元，当时特殊项目令税前业绩减少了3.50亿美元。
Ford said it lost $129 million, or six cents a share, in the third quarter. Without a one-time gain related to retiree health-care costs, Ford's pre-tax operating loss was $2.75 billion. That compares with a net loss of $380 million, or 19 cents a share, in the year-earlier quarter, when special items reduced pre-tax results by $350 million.
福特汽车第三季度收入为321亿美元，比上年同期减少了90亿美元。汽车业务收入下降了23%，至278亿美元。
Ford's third-quarter revenue was $32.1 billion, down $9 billion from the year-earlier period. Revenue in its automotive business fell 23% to $27.8 billion.
福特汽车第三季度共消耗现金77亿美元，还剩余189亿美元。福特汽车称，现金流出速度大于预期，但首席财务长布斯(Lewis Booth)向记者表示，该公司并不担心流动性头寸。福特汽车称，希望在2010年年底前将现金头寸提高140亿美元至170亿美元。
Ford burned through $7.7 billion in cash in the third quarter, which left it with $18.9 billion. Ford said its cash outflow has been greater than anticipated, but Chief Financial Officer Lewis Booth told reporters the company is 'comfortable with its liquidity position.' Ford said it hopes to improve its cash position by $14 billion to $17 billion by the end of 2010.
不过，按福特汽车目前消耗现金的速度，该公司只足以支撑到明年4月份。福特汽车还有107亿美元的可用信贷，可以让它另外再支撑4个月。
At the current rate Ford is using cash, however, the company would have enough money to last only until April. Ford also has $10.7 billion in available credit lines, which could give it another four months of breathing room.
为了节约现金，福特汽车正在裁减受薪雇员，并将在2009和2010年各减少5亿-10亿美元的资本支出。该公司管理人员称，削减资本支出不会严重损害推出新产品的能力，而仅会使其略有推迟。
To conserve cash, Ford is laying off salaried employees and cutting between $500 million and $1 billion in capital expenditures in both 2009 and 2010.Company officials said the cutbacks would only slightly delay -- and not irreparably harm -- the auto maker's ability to bring new products to showrooms.
福特汽车首席执行长穆拉利(Alan Mulally)说，削减资本支出是必需的，因为全球汽车业的低迷状况将会比我们此前想象的更严重、更广泛、更持久。穆拉利还称，福特汽车的计划并未假设会得到政府资助。
Ford CEO Alan Mulally said the cutbacks were needed because the global auto-industry downturn 'will be deeper, broader and longer than was previously assumed.' Mr. Mulally added that Ford's plan doesn't assume it will get government assistance.
对克莱斯勒而言，与通用汽车并购谈判的告吹令其未来受到了严重质疑。许多分析师和业内人士认为，克莱斯勒不能自行生存下去，因为该公司几乎所有销售都依赖于北美市场，他们还怀疑克莱斯勒的现金头寸至少同通用汽车和福特汽车一样脆弱。Cerberus Capital Management LP是克莱斯勒的控股公司。
As for Chrysler, the end of merger talks with GM raises serious questions about its future. Many analysts and auto executives believe Chrysler, controlled by Cerberus Capital Management LP, cannot survive on its own because it depends on North America for almost all of its sales, and suspect its cash situation is at least as bleak as GM's and Ford's.
今年汽油价格的上涨导致卡车和运动型多用途车的销售大幅下降，而这类车型是美国汽车厂家利润的主要来源。随后的金融危机更让汽车销售进一步下滑。
This year's rise in gas prices caused sales of trucks and sport-utility vehicles -- the main sources of Detroit's profits -- to plunge. Then came the financial meltdown, which sent auto sales sliding further.
上周五，两家信用评级机构发表了不利于通用汽车的报告。标准普尔(Standard & Poor's Ratings Services)称，将通用汽车的评级从B-下调至CCC+。惠誉国际评级(Fitch Ratings)将通用汽车列入了负面评级观察名单。
Two credit-ratings firms issued adverse reports Friday on GM. Standard & Poor's Ratings Services said it lowered its ratings on the company to CCC+ from B-. Fitch Ratings placed GM on its 'Rating Watch Negative' list.
Matthew Dolan / John D. Stoll / Joshua Mitchell
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