GM out of bankruptcy
07-11-2009, 07:15 PM
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GM out of bankruptcy
GM out of bankruptcy
-----Original Message-----
From: Amanda Landers <amanda.landers@tmgstrategies.com>
Sent: Fri, Jul 10, 2009 1:54 pm
Subject: GM News
Good Afternoon!
By now, I hope you’ve heard the great news: GM has emerged from bankruptcy. Attached, you’ll find GM's news release and far below are a few news clips, including a couple about the new Camaro.
If you want to talk directly to GM’s CEO Fritz Henderson today about the big changes the company is making, please join his web chat or twitter chat:
o Fritz will be participating in a web chat from 4-4:30 pm; you can participate by going to http://fastlane.gmblogs.com/and http://www.gmreinvention.com/
o Fritz will also be participating in a Twitter chat from 4:30-5 pm; you can participate by going to Twitter.com, following the account @gmblogs and using the hashtag #Fritz. You don't need a Twitter account to follow the discussion, but you do need an account to ask questions or respond to Fritz.
Here are some highlights and quotes from today's news conference:
- The old GM is dead: “Today marks a new beginning for GM. The last 100 days have shown us that a company not known for quick action can move very fast, indeed. Starting today, we take the intensity, the decisiveness and the speed of these last several weeks and transfer them from the battlefield triage of the bankruptcy process to the day-to-day operation of the new company. This will allow everyone at GM, including me, to return to the business of designing, building and selling great cars and trucks, and serving our customers. And there is nothing we want to do more than that!”
- “My three priorities for the new GM – very simple: Customers, Cars and Culture.”
- Consumersare the top priority, as shown by a new feature coming soon on the www.gmreinvention.comwebsite, “Tell Fritz,” that will allow consumers to share their thoughts with GM’s CEO.
- Cars: The standard for GM cars is no longer just to “be competitive,” Fritz said. “From here on, every product we make has to be judged by consumers as best in class. Anything less is unacceptable.”
- The Culture at G.M. is being changed “with a big focus on customers, speed, accountability and risk taking. We’re…flattening the organization, removing layers of management, driving broader spans of control and pushing decision-making authority to those closest to the customer. Business as usual is over at GM, and everyone associated with the company must realize this and be prepared to change… fast.”
Finally, tonight on 20/20 on ABCGM’s design team will be featured. Check your local listings for airtime, but here’s the link for more information: http://abcnews.go.com/2020/story?id=...e=1&FORM=ZZNR2.
And Bob Lutz, who is coming out of retirement to head G.M’s Marketing and Communications, will be on NPR’s All Things Considered tonight at 5:06 p.m.
Have a great weekend!
Amanda
GM News & Social Media Brief: Week of 7/6/09
The New GM: Day One
GM Fastlane Blog, by Fritz Henderson, GM President and CEO, 7/10/09
http://fastlane.gmblogs.com/archives...m_day_one.html
“Today marks a new beginning for GM. The last 100 days have shown us that a company not known for quick action can move very fast, indeed. Starting today, we take the intensity, the decisiveness and the speed of these last several weeks and transfer them from the battlefield triage of the bankruptcy process to the day-to-day operation of the new company.”
GM exits bankruptcy, CEO vows better performance
Associated Press, by Tom Krisher, 7/10/09
http://www.google.com/hostednews/ap/...CwazgD99BL5OO0
“Henderson said GM completed its 40-day stay under court supervision far faster than anyone thought it could. He said it would repay about $50 billion in government loans ahead of a 2015 deadline.”
'New beginning' pledged as GM exits bankruptcy
MarketWatch.com, by Shawn Langlois and Robert Schroeder, 7/10/09
http://www.marketwatch.com/story/gm-...1-200971093500
“General Motors Corp.'s chief executive pledged a "new beginning" for the storied U.S. automaker as it exited bankruptcy on Friday with an aim to settle its debts quickly and issue new shares in the company as early as next year.”
A Muscle Car to the Rescue for General Motors
New York Times, by Bill Vlasic and Nick Bunkley, 7/9/09
http://www.nytimes.com/2009/07/10/business/10auto.html
“Amid the gloom of bankruptcy and a miserable market for new vehicles, GM’s new Chevrolet Camaro muscle car is winning over consumers looking for a little excitement in a bland landscape of look-alike sedans and watered-down sport utilities.”
GM Says Orders for Camaro Sports Cars Outrun Supply
Bloomberg, by Katie Merx, 7/25/09
http://www.bloomberg.com/apps/news?p...d=auHoxPnOvAjU
“GM has filled about half the 25,000 Camaro orders taken, said Terry Rhadigan, a GM spokesman. Dealers, staggered by GM’s 42 percent U.S. sales decline in the first five months of the year, report that the new vehicles sell within days. Analysts say they sell for about $500 more than sticker price on average.”
In the Chevy Malibu, GM's Pride and Its Challenge
Washington Post, by Peter Whoriskey, 7/8/09
http://www.washingtonpost.com/wp-dyn...702651_pf.html
“When General Motors executives are asked whether the company can really be revived after bankruptcy, they'll quickly point to the Chevrolet Malibu, and it's easy to see why. The revamped mid-size sedan was named 2008 "North American car of the year" by auto journalists. In Consumer Reports' rankings of reliability, satisfaction and cost, it beat or tied its main Japanese rivals, the Toyota Camry and the Honda Accord. And in quality surveys by J.D. Power and Associates, it bested those competitors.”
From: Amanda Landers <amanda.landers@tmgstrategies.com>
Sent: Fri, Jul 10, 2009 1:54 pm
Subject: GM News
Good Afternoon!
By now, I hope you’ve heard the great news: GM has emerged from bankruptcy. Attached, you’ll find GM's news release and far below are a few news clips, including a couple about the new Camaro.
If you want to talk directly to GM’s CEO Fritz Henderson today about the big changes the company is making, please join his web chat or twitter chat:
o Fritz will be participating in a web chat from 4-4:30 pm; you can participate by going to http://fastlane.gmblogs.com/and http://www.gmreinvention.com/
o Fritz will also be participating in a Twitter chat from 4:30-5 pm; you can participate by going to Twitter.com, following the account @gmblogs and using the hashtag #Fritz. You don't need a Twitter account to follow the discussion, but you do need an account to ask questions or respond to Fritz.
Here are some highlights and quotes from today's news conference:
- The old GM is dead: “Today marks a new beginning for GM. The last 100 days have shown us that a company not known for quick action can move very fast, indeed. Starting today, we take the intensity, the decisiveness and the speed of these last several weeks and transfer them from the battlefield triage of the bankruptcy process to the day-to-day operation of the new company. This will allow everyone at GM, including me, to return to the business of designing, building and selling great cars and trucks, and serving our customers. And there is nothing we want to do more than that!”
- “My three priorities for the new GM – very simple: Customers, Cars and Culture.”
- Consumersare the top priority, as shown by a new feature coming soon on the www.gmreinvention.comwebsite, “Tell Fritz,” that will allow consumers to share their thoughts with GM’s CEO.
- Cars: The standard for GM cars is no longer just to “be competitive,” Fritz said. “From here on, every product we make has to be judged by consumers as best in class. Anything less is unacceptable.”
- The Culture at G.M. is being changed “with a big focus on customers, speed, accountability and risk taking. We’re…flattening the organization, removing layers of management, driving broader spans of control and pushing decision-making authority to those closest to the customer. Business as usual is over at GM, and everyone associated with the company must realize this and be prepared to change… fast.”
Finally, tonight on 20/20 on ABCGM’s design team will be featured. Check your local listings for airtime, but here’s the link for more information: http://abcnews.go.com/2020/story?id=...e=1&FORM=ZZNR2.
And Bob Lutz, who is coming out of retirement to head G.M’s Marketing and Communications, will be on NPR’s All Things Considered tonight at 5:06 p.m.
Have a great weekend!
Amanda
GM News & Social Media Brief: Week of 7/6/09
The New GM: Day One
GM Fastlane Blog, by Fritz Henderson, GM President and CEO, 7/10/09
http://fastlane.gmblogs.com/archives...m_day_one.html
“Today marks a new beginning for GM. The last 100 days have shown us that a company not known for quick action can move very fast, indeed. Starting today, we take the intensity, the decisiveness and the speed of these last several weeks and transfer them from the battlefield triage of the bankruptcy process to the day-to-day operation of the new company.”
GM exits bankruptcy, CEO vows better performance
Associated Press, by Tom Krisher, 7/10/09
http://www.google.com/hostednews/ap/...CwazgD99BL5OO0
“Henderson said GM completed its 40-day stay under court supervision far faster than anyone thought it could. He said it would repay about $50 billion in government loans ahead of a 2015 deadline.”
'New beginning' pledged as GM exits bankruptcy
MarketWatch.com, by Shawn Langlois and Robert Schroeder, 7/10/09
http://www.marketwatch.com/story/gm-...1-200971093500
“General Motors Corp.'s chief executive pledged a "new beginning" for the storied U.S. automaker as it exited bankruptcy on Friday with an aim to settle its debts quickly and issue new shares in the company as early as next year.”
A Muscle Car to the Rescue for General Motors
New York Times, by Bill Vlasic and Nick Bunkley, 7/9/09
http://www.nytimes.com/2009/07/10/business/10auto.html
“Amid the gloom of bankruptcy and a miserable market for new vehicles, GM’s new Chevrolet Camaro muscle car is winning over consumers looking for a little excitement in a bland landscape of look-alike sedans and watered-down sport utilities.”
GM Says Orders for Camaro Sports Cars Outrun Supply
Bloomberg, by Katie Merx, 7/25/09
http://www.bloomberg.com/apps/news?p...d=auHoxPnOvAjU
“GM has filled about half the 25,000 Camaro orders taken, said Terry Rhadigan, a GM spokesman. Dealers, staggered by GM’s 42 percent U.S. sales decline in the first five months of the year, report that the new vehicles sell within days. Analysts say they sell for about $500 more than sticker price on average.”
In the Chevy Malibu, GM's Pride and Its Challenge
Washington Post, by Peter Whoriskey, 7/8/09
http://www.washingtonpost.com/wp-dyn...702651_pf.html
“When General Motors executives are asked whether the company can really be revived after bankruptcy, they'll quickly point to the Chevrolet Malibu, and it's easy to see why. The revamped mid-size sedan was named 2008 "North American car of the year" by auto journalists. In Consumer Reports' rankings of reliability, satisfaction and cost, it beat or tied its main Japanese rivals, the Toyota Camry and the Honda Accord. And in quality surveys by J.D. Power and Associates, it bested those competitors.”
07-11-2009, 08:25 PM
#2
Team Owner
Hope they make every car model a winner now to survive. You have to hit bottom to come up sometimes. Hope this is it for them. Lutz is good but old how long can they wip him to work or how long wil he last?
Saturday, July 11, 2009
Scott Burgess
GM faces uphill road to respect
Promising lineup must trump stigma of alienating buyers
General Motors Corp. may have become General Motors Co., but to consumers it's still the same old GM.
As the Detroit-based carmaker moves forward, every car, truck and crossover sold by its shrinking group of dealerships must amaze customers. The company alienated a generation of customers with lousy machines and to change perceptions around the world, it will have to provide more amenities for less money than the competition.
The automaker certainly has a chance to impress people. Friday, Fritz Henderson, GM's president and CEO, said the company will debut 10 vehicles in the United States over the next 17 months. And it will launch 17 new models overseas -- though some are actually the same vehicles, such as the compact Cruze coming first to America, and then to Asia.
Now, we've all heard executives wax about how GM's lineup is as good as anyone else's and it's only a matter of time before people realize it. The lineup is good, but it's still not complete. Some vehicles are great, but others are not even close and consumers know the difference. "GM got into this mess because it was not building competitive vehicles," said Jack Nerad, Kelley Blue Book's director of news. "During the '80s and '90s, the Japanese passed GM like it was a telephone pole on the highway."
Advertisement
"In some segments, GM builds world-class entrants," he added, "but in other segments, they are not competitive."
There have been great successes recently, such as GM's pickups, the Cadillac CTS and the Chevrolet Malibu. Development of all of these vehicles was led by GM Vice Chairman Bob Lutz, who was scheduled to retire at the end of this year. But Henderson said Friday that Lutz would remain in his position, overseeing all creative elements of products. Lutz knows compelling design and will help keep GM on track.
Every new vehicle needs care and precision as if the company's life depends on it -- because it does.
More importantly, GM will need to maintain or build stronger leadership in all the segments its brands compete. Here are the five most important products for GM.
Chevrolet Silverado/GMC Sierra: Redesigned for the 2007 model year, GM must continue to update and build upon the success of its trucks. It's the highest volume vehicle at the company and needs to remain at the top. GM can't let its guard down or go too long without updating the Silverado and Sierra; the competition is too good.
"The pickups are big moneymakers for GM," said Mike Levine, editor of Pickuptrucks.com. "They're easy to build and can demand a high price, but GM needs to be careful to not slip against anyone."
Chevrolet Volt: The Volt carries as much gravitas for environmental concerns as the Chevrolet Corvette does for speed. For three years, GM has promised the gas-electric four-passenger car. Now, it must deliver it. It has to be perfect.
"The Volt is more important image-wise than volume-wise," Nerad told me. "GM has a chance to make a big ecological statement and zoom past Toyota."
Buick LaCrosse: This disheveled brand is poised for an extreme makeover, and that begins with the new LaCrosse. Buick is alive because of its popularity abroad. China buys more Buicks than America. The LaCrosse hopes to help change that. The new LaCrosse loses its optional V-8, debuting with a 3-liter direct injection V-6 and an overhauled interior and ride. But is it enough? This is the riskiest vehicle in GM's immediate future because it needs to change people's minds. If it can't, Buick will die a slow death.
Chevrolet Cruze: The new compact car arrives next year to replace the unimpressive Cobalt. This car has to make Malibu-like first impressions with buyers. It needs to top 40 miles per gallon on the highway, have a luxury interior and carry a price below $20,000. For first-time buyers, the Cruze could win GM important young customers; but GM will only get one time to make a first impression. People need to buy the Cruze because that's the car they want, not because it's the only car they can afford.
Powertrains: Perhaps the most important product GM will continue to develop are its engines. Henderson stressed all of the different types of energy-saving technologies including hybrids, bio fuels and fuel cells. Interestingly, he did not mention diesel engines, which could instantly boost the mileage of many vehicles GM makes. A diesel Cruze could hit 50 mpg. While it has done amazing work with direct injection gas engines, such as the new 3-liter direct injection V-6 and the 2.8-liter turbocharged V-6, it needs even smaller direct injection engines.
While these five products may play important roles in GM's future, every new vehicle could convince a customer to give the new GM a chance. Reputations are not lost in a day, and they are not rebuilt with a bankruptcy judge's gavel. To compete, the new GM can no longer act like the old, on any one vehicle, ever.
sburgess@detnews.com (313) 223-3217
Saturday, July 11, 2009
Scott Burgess
GM faces uphill road to respect
Promising lineup must trump stigma of alienating buyers
General Motors Corp. may have become General Motors Co., but to consumers it's still the same old GM.
As the Detroit-based carmaker moves forward, every car, truck and crossover sold by its shrinking group of dealerships must amaze customers. The company alienated a generation of customers with lousy machines and to change perceptions around the world, it will have to provide more amenities for less money than the competition.
The automaker certainly has a chance to impress people. Friday, Fritz Henderson, GM's president and CEO, said the company will debut 10 vehicles in the United States over the next 17 months. And it will launch 17 new models overseas -- though some are actually the same vehicles, such as the compact Cruze coming first to America, and then to Asia.
Now, we've all heard executives wax about how GM's lineup is as good as anyone else's and it's only a matter of time before people realize it. The lineup is good, but it's still not complete. Some vehicles are great, but others are not even close and consumers know the difference. "GM got into this mess because it was not building competitive vehicles," said Jack Nerad, Kelley Blue Book's director of news. "During the '80s and '90s, the Japanese passed GM like it was a telephone pole on the highway."
Advertisement
"In some segments, GM builds world-class entrants," he added, "but in other segments, they are not competitive."
There have been great successes recently, such as GM's pickups, the Cadillac CTS and the Chevrolet Malibu. Development of all of these vehicles was led by GM Vice Chairman Bob Lutz, who was scheduled to retire at the end of this year. But Henderson said Friday that Lutz would remain in his position, overseeing all creative elements of products. Lutz knows compelling design and will help keep GM on track.
Every new vehicle needs care and precision as if the company's life depends on it -- because it does.
More importantly, GM will need to maintain or build stronger leadership in all the segments its brands compete. Here are the five most important products for GM.
Chevrolet Silverado/GMC Sierra: Redesigned for the 2007 model year, GM must continue to update and build upon the success of its trucks. It's the highest volume vehicle at the company and needs to remain at the top. GM can't let its guard down or go too long without updating the Silverado and Sierra; the competition is too good.
"The pickups are big moneymakers for GM," said Mike Levine, editor of Pickuptrucks.com. "They're easy to build and can demand a high price, but GM needs to be careful to not slip against anyone."
Chevrolet Volt: The Volt carries as much gravitas for environmental concerns as the Chevrolet Corvette does for speed. For three years, GM has promised the gas-electric four-passenger car. Now, it must deliver it. It has to be perfect.
"The Volt is more important image-wise than volume-wise," Nerad told me. "GM has a chance to make a big ecological statement and zoom past Toyota."
Buick LaCrosse: This disheveled brand is poised for an extreme makeover, and that begins with the new LaCrosse. Buick is alive because of its popularity abroad. China buys more Buicks than America. The LaCrosse hopes to help change that. The new LaCrosse loses its optional V-8, debuting with a 3-liter direct injection V-6 and an overhauled interior and ride. But is it enough? This is the riskiest vehicle in GM's immediate future because it needs to change people's minds. If it can't, Buick will die a slow death.
Chevrolet Cruze: The new compact car arrives next year to replace the unimpressive Cobalt. This car has to make Malibu-like first impressions with buyers. It needs to top 40 miles per gallon on the highway, have a luxury interior and carry a price below $20,000. For first-time buyers, the Cruze could win GM important young customers; but GM will only get one time to make a first impression. People need to buy the Cruze because that's the car they want, not because it's the only car they can afford.
Powertrains: Perhaps the most important product GM will continue to develop are its engines. Henderson stressed all of the different types of energy-saving technologies including hybrids, bio fuels and fuel cells. Interestingly, he did not mention diesel engines, which could instantly boost the mileage of many vehicles GM makes. A diesel Cruze could hit 50 mpg. While it has done amazing work with direct injection gas engines, such as the new 3-liter direct injection V-6 and the 2.8-liter turbocharged V-6, it needs even smaller direct injection engines.
While these five products may play important roles in GM's future, every new vehicle could convince a customer to give the new GM a chance. Reputations are not lost in a day, and they are not rebuilt with a bankruptcy judge's gavel. To compete, the new GM can no longer act like the old, on any one vehicle, ever.
sburgess@detnews.com (313) 223-3217
Last edited by John Shiels; 07-11-2009 at 08:33 PM.
