[click here to enlarge]
Usually, in the business world, graphs that work higher from lower-left to upper-right are Good. Not so with this one. Those are not car sales being counted, but unsold GM cars sitting unloved on dealer lots. That's Bad. The chart shows that dealer inventory increased by 49,000 during the month of November. That compares to 139,520 sold to retail customers (company figures here). Even with triple-zero sales incentives, GM could not sell three vehicles out of every four made. As the Wall Street Journal reports, the company will be idling plants in December to allow sales to catch up.
The U.S. government still owns 26% of General Motors. Sales figures like these will not allow Uncle Sam to exit the stock profitably (yesterday's closing price of $25 a share is less than half what he needs to break even).
MainePERS owned 186,408 shares of GM as of September 30.
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