Be happy that the government did step in. Had GM gone completely under – the Chinese weren’t going to buy it and neither was anyone else – not only the company itself, but also the suppliers and aftermarket entities would have similarly suffered.
And, after all, it was no less than Reagan who blessed the government bailout of Chrysler, which managed to limp on thereafter until it was purchased by a foreign company. The PT Cruiser and Prowler were economic disasters.
GM corporate had a long reputation of screwing up, building low quality automobiles and far too many models and lines for the market niche it had. The bean counters in GM abandoned way too many itneresting designs too early because the early sales didn’t meet short-term financial goals.
Now, at long last, GM has come up with a “halo” car which, though not all that innovative in basic design, nevertheless shows promise of some really great engineering, with outstanding performance and a price point that is genuinely remarkable. If it doesn’t meet with everyone’s approval, them’s the breaks. They can drive a Prowler, or try to buy a Ford GT instead.
GM paid back its initial loans, the company got restructured and continues to make actual cars, while others are abandoning that market.
There will be no return to the status quo ante - a world with a half dozen GM marques and hundreds of thousands of potential variants. The Market – that final arbiter of economic activity – won’t support that sort of excess any more.
GM was never going to revamp itself. Left to its own devices, the bean counters in GM corporate headquarters would have continued cranking out low-margin cars while other competitors cleaned its clock.
The thinking behind the C8 is a lot better than the thinking behind, say, the C3. There is now an American GT on the streets that can go wheel to wheel with any other car in the world!
Whatever it took to get to this point, I’m in favor of it.