Toyota vs. GM vs. Harley-Davidson
In 2006 GM produced about 9 million vehicles worldwide, about the same as Toyota; and Ford produced about 6.6 million vehicles. And yet look at the whopping difference in market value in the graph above between Toyota ($208 billion) and GM (only $19.5 billion). Is that what $51 billion in health care liabilities does to a company's market value? Look for a prolonged strike to erode GM's market value even further.
And consider that motorcycle manufacturer Harley-Davidson's market value of $12 billion is not far behind GM and Ford, even though it only manufactures about 300,000 motorcycles annually!