That would be one Taiwanese dollar, which when converted to the far more popular American dollar equates to just three cents. Yes, the road to recovery is often quite bumpy, but it appears as though GM is getting its house in order one penny at a time.
According to the Financial Times, the hasty divestiture is the result of an unwillingness to devote any additional capital to the loss-making joint venture it had with Yulon Motors. The Taiwanese company assembles and sells Buicks in addition to distributing imported Opels and Cadillacs.
So in other words, GM not only gained three cents now, it also assured that it wouldn't lose countless millions in the future. That should help.
Financial Times (sub.req)
jkp1187 says:
05:07 PM, 01/ 2/09
A penny saved is a penny earned, I guess.
estreka says:
04:21 AM, 01/ 3/09
They're willing to relinquish a multimillion dollar contract for 3 cents? Hey GM, how about you give me a multimillion dollar trust fund for this shiny new nickel I've got.
brn says:
09:15 AM, 01/ 3/09
estreka, They're willing to let a multi-million dollar debit go for 3 cents. In times like this, that's probably a good idea. I just hope they didn't lose a lot of intellectual property with it.
hondacura4 says:
10:10 AM, 01/ 3/09
When was the last time the General was highly profitable?
carlisimo says:
01:32 PM, 01/ 3/09
Hey, my uncle worked at Yulon! He changed to another company or subsidiary recently, but I visited his workshop three years ago and he was designing alternate interior door panels for ASEAN Buicks. His coworkers were redesigning the front and rear bumpers, too.
They have a more storied past than their recent work just slightly modifying GM vehicles for China. They used to be tied to Nissan, and in the '80s they designed their own car on the Sentra's platform. I owned a Sentra and tried my uncle's "Feeling," and the Feeling was better =].
http://storm.oldcarmanualproject.com/yulon/Taiwan%20car%20design%20history_V2.ppt