Posts Tagged ‘Edward Whitacre

12
Aug
10

Recovery still distant as GM turns a corner

NEWS
Recovery still distant as GM turns a corner
General Motors profits move past $1 billion

Thursday, August 12, 2010

••• General Motors said on Thursday its profits hit $1.3 billion in the second quarter, as the car company prepared to break free of U.S. government ownership by relisting on the stock exchange.

‘I am pleased with our progress on achieving our business objectives,’ said chief financial officer Chris Liddell, announcing the second consecutive quarter of growth.

The company erased a loss of $13 billion in the same period last year, as sales and revenues increased.

The firm saw stronger sales in North America in the quarter, even as sales in Europe floundered and market share around the world sank.

GM captured 15.4 percent of the U.S. market for cars versus 17.5 percent in the second quarter of last year, but elsewhere faired poorly.

GM’s executives have said that a public offering will come soon, a process that will help the U.S. government unwind its majority stake in the firm.

The U.S. Treasury Department still owns 61 percent of GM, which received $50 billion of U.S. government financing for its bankruptcy restructuring that led to mass layoffs, plant closures and billions of dollars in debt wiped out.

GM’s drive for an IPO will be boosted by news that the firm’s revenues swelled to $33 billion in the second quarter, a third more than the same period last year.

GM as well as its U.S. competitors Ford and Chrysler were hard hit by the recession which struck the United States in December 2007, caused by a home mortgage meltdown.

Of the so-called Detroit Three car makers, Ford was the only one to avoid bankruptcy, managing to stay afloat thanks to massive loans it had obtained prior to the credit crunch and because it moved more quickly to revitalise its product portfolio.
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27
Mar
10

GM Recalls 5,000 Heavy Duty Vans for Engine Fire Risk

NEWS
GM Recalls 5,000 Heavy Duty Vans for Engine Fire Risk

Saturday, March 27, 2010

••• General Motors is recalling about 5,000 heavy-duty vans because of a risk of engine fire, the company said Friday.

The vans involved in the recall are the 2010 Chevrolet Express and GMC Savana passenger and cargo vans. The company also is halting production and sales of the vehicles “until a fix for a suspected faulty alternator can be determined.”

GM spokesman Alan Adler said there have been no injuries or accidents reported in connection with the vans.

The company warned customers who purchased the vans, which were built in February and March, to stop driving them and park them outside away from buildings and other vehicles and, if possible, disconnect both battery cables.

Relatively few of the recalled vans are in the possession of retail customers, with about 1,300 in rental and other fleets,the company said.

GM issued a stop sale order on Friday, preventing the fleet-owned vans from being rented or those on dealer lots from being sold. Others are being held at dealerships or in ports before being exported.

Only the 2500, three-quarter ton, and 3500, one-ton, Series vans are affected. Light-duty (half-ton) Express and Savana vans use a different alternator.

It is rare for an automaker to halt sales because of a safety defect. GM’s decision to stop sales of the vans comes two months after Toyota Motor Corp. halted sales of eight models because of faulty accelerator pedals.

▪ Vehicles affected are the Chevrolet Express 2010 van, Model 2500 / 3500 with vehicle identification numbers from A1129327 to A1142523.

▪ Also, the GMC Savana 2010 van, Model 2500 / 3500 with vehicle identification numbers from A1128784 to A1901915.

▪ About 1,400 AC Delco aftermarket parts also are affected by the recall. The affected part numbers are: 15200110; 15288861; 15263859 and 15847291. Customers who had a heavy duty alternator replaced in February or March in a 2005-2010 heavy-duty Express or Savana van or other 2005-2009 GM truck or SUV also are being urged to check their repair order receipts to determine if a suspect part was involved. If it was, or the part used is unknown, they are urged to stop driving their vehicles, park them away from buildings and other vehicles and, if possible, disconnect both battery cables.

These owners also are asked to contact their Customer Assistance Center to provide their contact information, so we can follow up with them when more information is available. ▪ www.gm.com

• Source(s): General Motors

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