GMの経営破綻に関して (特集ファイナンス、経済経営リスクの諸問題 : 有馬敏則教授の退職を記念して)

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This article discusses factors affecting the financial distress of General Motors. We have already many suggestions on this topic. Among them, I focus on the upgrading strategy in the product mix. A shift in sales to more expensive cars and SUBs is estimated to bring higher profits to the company, while the rise in the wage rate thereafter caused the decline in the profitability of less expensive smaller cars. Ithink this is a reason for the company’s fall of the market share in her home country because the market scale of small and middle cars are rather larger. A brief case study for Saturn Project after 1980’s shows an example of the strategic withdrawal from small car business. Less expensive cars for GM were Subcompacts in the past, but gradually expanding the segments to Middle cars, Large cars and CUVs. This cycle has been observed until recently. Then questions rise where, when and how to fight against the penetration of competitors into the territory. A possible approach to this issue is discussed also.