DETROIT, June 29 /PRNewswire/ -- The new General Motors today hosted a group of approximately 200 members of the financial community and other stakeholders at its first annual Global Business Conference at GM's Technical Center in Warren, Michigan. The event was the first of its kind since the launch of the new company in July 2009.
The conference featured an in-depth review of GM's global business, with updates by Chairman and CEO Ed Whitacre, Vice Chairman Steve Girsky, Vice Chairman and CFO, Chris Liddell, and GM's regional presidents. Vice Chairman of Global Product Operations Tom Stephens also provided a review of GM's global product portfolio, including an early preview of some upcoming products, including the next generations of the popular Opel Insignia, Chevrolet Malibu, and Cadillac CTS.
Whitacre kicked off the conference by sharing his perspective on how he sees the company today, the progress it has made, and the opportunities ahead for GM.
"We're not reintroducing GM today, we're introducing a new GM, because we are a new and much different company than we were 12 months ago," Whitacre said. "We're creating a new GM – one that truly is different. We have a simplified focus on designing, building, and selling the world's best vehicles. We're producing first-rate cars and trucks that customers are buying around the world. We have a new management team that 'gets it' and is executing well."
Tim Lee, president of GM's International Operations; Jamie Ardila, president of GM South America; Nick Reilly, president of GM Europe and chairman of the management board of Opel/Vauxhall; Vice President and CFO of Opel/Vauxhall Europe, Mark James; and Mark Reuss, president of GM North America, gave a market-by-market assessment of the company's progress.
By closely managing the business at the regional level, with specific focus on the trends in local markets, and by leveraging GM's global capability, the company is well positioned to take advantage of anticipated growth in the global auto market.
A highlight of the day was an extensive ride-and-drive for the guests, which featured virtually all of GM's current U.S. models from its Chevrolet, Buick, GMC, and Cadillac brands, including the all-new Chevrolet Cruze and the Chevrolet Volt extended-range electric vehicle.
Girsky shared his perspectives on how GM is operating differently today, and what global market challenges still lie ahead, including further market fragmentation and new vehicle market volatility, and outlined how GM is addressing these challenges and aligning the company to take full advantage of opportunities ahead.
Liddell concluded the day by summarizing the importance of GM's global resources and financial strength in stabilizing and growing the business. He reinforced GM's commitment to communicating in an open and consistent manner, and to keeping the focus on the key factors that are important to the business and its stakeholders.
"Today's event gave us a unique opportunity to highlight the fundamental changes we're making at GM. With global growth potential in both mature and emerging markets, a dramatically lower break-even level in North America, actions underway to restructure Europe, and a much stronger balance sheet, we are making the changes needed for long-term success," Liddell said.
An audio replay and accompanying presentation charts are available on GM's Investor Relations website at www.gm.com/corporate/investor_information/cal_events.
About General Motors:
General Motors, one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 205,000 people in every major region of the world and does business in some 157 countries. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, Germany, the United Kingdom, Canada, and Italy. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.
In this press release and in related comments by our management, our use of the words "expect," "anticipate," "possible," "potential," "target," "believe," "commit," "intend," "continue," "may," "would," "could," "should," "project," "projected," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology; our ability to realize successful vehicle applications of new technology; and our ability to comply with the continuing requirements related to U.S. and other government support.
GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
SOURCE General Motors