Archive for the ‘Financial’ Category
GM Card earnings will continue to be honored in accordance with the program rules.
You can keep using your card at more than 18 million outlets where MasterCard is accepted to accumulate earnings and redeem them toward eligible, new GM vehicles.
You can expect to see new products and technologies in GM’s future portfolio.
GM will continue to make a significant investment in future products and new technologies. The New GM will have a number of key vehicle launches in 2009 and 2010, including:
• Chevrolet Camaro, a dramatic, moderately priced sport coupe with highway fuel economy of up to 29 mpg
• An all-new Buick LaCrosse premium midsize sedan
• The luxury midsize Cadillac SRX crossover and CTS Sport Wagon
• The Chevy Equinox and GMC Terrain, midsize crossovers with class-leading highway fuel economy of 32 mpg
• The Chevy Cruze, GM’s new global compact car
• The revolutionary Chevy Volt, an extended-range electric vehicle that can travel up to 40 miles on battery power alone
There will be no interruptions in GM’s ability to take care of our customers and honor customer programs, warranties and provide replacement parts.
In fact, GM has asked the court for specific orders authorizing GM to honor customer warranties and programs as it always has. You should have total confidence that:
• Our products are safe and sound;
• We will honor your existing warranty;
• GM dealers will have the same access to replacement parts as they always have;
• Customers of discontinued brands or dealerships that have closed as part of GM’s viability initiative will continue to be supported by other GM dealerships;
• Customer promotions and incentives will continue without interruption;
• You do not need to do anything differently regarding your warranty;
• There is no impact on OnStar service; your OnStar subscription will remain in place
• GM continues to have a nation-wide network of Goodwrench technicians trained to perform maintenance and repairs on your GM vehicle
This is good news for customers who want to buy cars from an automaker with an award-winning lineup of cars and trucks with rock-solid warranties and other customer-support programs, one that is a leader in green technology, and one that has a promising future. All customers should have confidence in New GM’s ability to serve the needs to customers in every way, including the commitment and ability to honor warranties for many years to come.
GM has announced “faster and deeper” steps to restructure the company.
On April 27, 2009, GM President and CEO Fritz Henderson announced new “faster and deeper” steps necessary to restructure the company. They include:
- Focusing on our four core brands - Chevrolet, Cadillac, Buick and GMC. We will accelerate the resolution of Saab, Saturn, and Hummer by the end of 2009, and phase out Pontiac by the end of 2010.
- Reducing the size of our dealer network from 6,246 in 2008 to 3,605 by the end of 2010.
- Reducing the total number of assembly, powertrain, and stamping plants in the U.S. from 47 in 2008 to 34 by the end of 2010, and to 31 by 2012. This reflects six accelerated plant idling/closures from the Feb. 17 plan, and one additional plant idling.
- Reducing U.S. hourly employment from about 61,000 in 2008 to 40,000 in 2010, and leveling off at about 38,000 starting in 2011. This is a further reduction of 7,000 to 8,000 employees from the Feb. 17 plan.
These lower structural costs will allow us to break even (on an adjusted EBIT basis) at a U.S. total industry volume of about 10 million vehicles.
We also took a major step today toward restructuring our balance sheet by commencing public exchange offers for $27 billion of our unsecured public notes.
These tough actions still keep the development of our mainstream and alternative technology vehicles on track, including the much-anticipated Chevrolet Volt. They are crucial to the reinvention of General Motors.
GM Europe and the Opel Supervisory Board are submitting a long-term plan for viability to European government representatives.
Please refer to GM Europe Facts and Fiction for the most up-to-date information on GM’s European operations.