Is GM really doing this bad?

GM stocks have plummeted and there are rumors of it filing bankruptcy. I don't know if this could be true because suddenly I see so many new Chevy's on the road. I have driven Chevys myself and don't see why it can't compete with Toyota or Hondas. And if GM is suffering of high fuel prices what is stopping it to go big at the places where this is not an issue? Middle East or even Russia? They may want to cut some brands but it still has a lot of good Cars to market. Don't get too carried away with Toyota's or Honda's "cleaner" technology scoop that always can be caught up with. Just strengthen your good brands and refocus with new strategy. I hate to see a good brand go because of mis-management and lost focus.