Fritz: GM will reach restructuring targets, Hummer and Saab deals still pending

Fritz Henderson, Edward E. Whitacre, Jr at GM World Headquarters

As American taxpayers, everyone of us holds a stake in the new GM. Not to worry though, because according to CEO Fritz Henderson, GM is on track to meet all targets set forth in their government-sponsored bankruptcy. He said that GM is in a position to cut costs and reduce debt enough to be a threatening presence in the auto market as they prepare for an IPO next year.

GM has also indicated that deals are pending for the company to shed its Hummer and Saab brands as well.

Over at GM’s FastLane blog, Henderson lends mention to the progress the company has made in the past three months, and acknowledges that hard work still lies ahead as the automaker strives to prove itself.

U.S. market share is down for G.M., falling from 21.4 percent the first half of ’08 to 19.5% the first half of ’09. Henderson however, is optimistic that the new 2010 Chevy Equinox, Buick LaCrosse, Chevy Camaro, and Cadillac SRX enhance the GM lineup enough to help boost sales and lay the groundwork for 11.5 million units sold in 2010.

“The recovery has begun,” Henderson says. “But the question is: what’s the rate of acceleration?”

Regarding the Volt, Fritz said that more than 80 pre-production Volts have been built and are being road-tested.

– By: Stephen Calogera