GM makes Fortune Magazines 'Dumbest Moments in Business 2009' list

July 1, 10:27 AMRoad & Driver ExaminerRoman Mica

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        Is it a car or is it a rickshaw, or is it just plain stupid?

It would be hard to argue that General Motors has made only smart business decisions in 2009---what with the company in bankruptcy and all.

But what one moment stands out so far in 2009 as an especially dump decision that you can recall?

Is is the sale of Hummer, Opel, or Saab?

Not even close...at least so say the editors of Fortune Magazines, "Dumbest Moments in Business 2009...midyear edition."

The editors of Fortune point to one GM partnership that they think is as dumb as a car company can get...drumroll please.... and that's GM's recent partnership with Segway.

Fortune writes:

"It became clear this spring that General Motors was going to have to get smaller to survive, but this was ridiculous. A week after President Obama gave the company a 60 day deadline to avoid bankruptcy, GM took time out from its turnaround efforts to unveil the PUMA, a two-seat vehicle being developed with Segway that looked more like a rickshaw than a car.

The vehicle, capable of going only 35 mph and traveling 35 miles between charges, got lots of attention, but did little to change popular opinion about the company that had ridden large SUVs to the cusp of failure. On June 1, GM filed for bankruptcy."