General Motors Company’s Chairman Edward Whitacre, who has previously claimed he doesn’t know anything about cars, finally held a press conference ever since taking his new position. The former AT&T chairman and CEO said that GM will be introducing certain vehicles sooner than originally planned to fight for its market share.
“Our cash position is good,” Whitacre said. “We have some flexibility.”
GM, which emerged from bankruptcy on July 10, shed a lot of its debt and received $50 billion in federal aid. The automaker will now reallocate spending plans to stem market share losses to its rivals.
GM’s market share declined last month from 20.5 percent to 18.9 percent. It’s expected to lose more once it sells Saab, Hummer and Pontiac.
Cars we’d like to see GM release earlier than planned? Chevrolet Camaro Z28, Chevrolet Camaro Convertible and the Cadillac CTS-V Coupe.
– By: Omar Rana
Source: Detroit News