Gloat Glut: Obama’s ex-auto-semi-czar Steve Rattner took to his friend Pinch’s pages to argue that bailed-out General Motors’ stock“remains undervalued,” in part because
[d]isastrous past industry practices – from bloated inventories to excessive sales incentives — have been curbed.
Hmm. Does Rattner keep up with the industry he didn’t quite save? If so he’d know this is the month** it became clear that GM has a massively bloated inventory and is once again resorting to heavy sales incentives to move unsold product. That’s true for pickup trucks, and also, apparently, for cars. ‘
P.S.: Rattner also refers optimistically to a “passel of shiny new models” from GM that are “about to hit showrooms.” Which models are those? The screwed-up new Malibu, which is already such a flop that production has been curtailed? The BMW-fighting Cadillac ATS? (I live in West L.A. BMW-land and have seen exactly one ATS in the last month. It’s been on sale since August. GM now plans to cut production of the bigger CTS to give the ATS “breathing room.”) The Chevy Impala, which is already boring automotive writers even though it won’t be on sale until next year? Meanwhile, Honda’s redesigned Accord (which competes with the Malibu) is looking like a huge critical and sales hit. …