- Moody’s, Standard & Poor’s and Fitch all peg GM’s credit rating at one notch below investment grade
- Announced new $11B revolving credit facility, providing a significant source of backup liquidity and financial flexibility
- Moody’s and Fitch have a positive outlook, and S&P has a stable outlook
- GM has:
- Delivered more than $22B of EBIT-adjusted earnings over the last 11 quarters (longest profit streak in more than a decade)
- $31.6 billion in cash and marketable securities
- Reduced our pension liabilities by $29B through lump sums, annuitization
- U.S. Treasury is one of about 500,000 owners of GM stock. In December, it announced that it intends to fully exit its GM investment within the next 12-15 months, subject to market conditions
- GM has bought back 200 million shares of GM common stock for $5.5B or $27.50 per share. With this purchase, GM has repaid or returned to the U.S. Treasury $28.6B of the $49.5B in financial assistance provided under two administrations
- The U.S. Government is not involved in running GM's daily business (although compensation for our top executives must comply with government pay restrictions)
- Reports that General Motors has requested an increase in Dan Akerson's 2013 compensation are false. In fact, Dan specifically asked to keep his compensation at the same level for 2013 as it was in 2012 and 2011. That amount of $9 million is what the company submitted to the Office of the Special Master for TARP Executive Compensation.
- Seventy percent of U.S. nameplates will be redesigned or all-new over the course of 2012-2013
- In 2013, Chevrolet will launch 13 all-new or significantly revised cars, trucks and crossovers – “13 in 13”
- In the next 12 months, Buick and GMC will introduce nine all-new or significantly updated models
- The new Cadillac XTS and ATS are the first two products in a string of 10 new or next-generation vehicles coming at Cadillac in three years
- In the 2012 calendar year, GM was up 42.2%; Ford was up 22.6% (as of 1/03/13 close)
- Since the GM IPO, GM stock is down 9.6%; Ford is down 17.8% (as of 1/03/13 close)
- GM is the first U.S. automaker to sell more than 1 million vehicles in a year that get an EPA-est. 30 mpg or better on the highway
U.S. Sales (June)
- In June, GM’s total sales were up 6% year-over-year.
- Total crossover sales were up 9 percent compared with a year ago; passenger car sales were up 4 percent, and truck sales, which include pickups, vans and SUVs, were up 8 percent.
- All four GM brands posted higher retail sales, with Chevrolet, GMC and Cadillac posting double-digit increases.
- Combined sales of GM’s mini, small and compact cars were up 59 percent. Large pickups were up 29 percent, luxury car sales were up 22 percent and compact crossovers were up 8 percent.
- Cadillac passenger car sales increased 38 percent on the strength of the all-new ATS and XTS, helping drive the brand’s fastest growth since 1976.
- Chevrolet mini, small and compact car sales were up 66 percent.
- Total sales of the Chevrolet Silverado and GMC Sierra increased 29 percent and 33 percent respectively.
- The Chevrolet Cruze set an all-time monthly sales record, and Chevrolet Volt and Chevrolet Sonic each had their best-ever June sales.
- The Chevrolet Equinox had its best month ever with sales up 14 percent. Equinox deliveries have increased for 18 consecutive months.
- Chevrolet Impala retail deliveries rose 62 percent.
- Buick retail sales have increased for 14 consecutive months and the brand had its best June retail sales in seven years, on the strength of Buick Verano sales.
U.S. Manufacturing Operations
- Total U.S. manufacturing plants: 43
- Total U.S. vehicle assembly plants: 12
- GM employs approximately 50,000 hourly workers in the United States
- GM employs 80,000 people in the U.S. and 213,000 people globally
- In 2011, GM produced more than 1.8 million vehicles in the United States
- In 2011, GM exported more than 275,000 vehicles from the United States
- Since July 10, 2009, GM has announced U.S. facility investments totaling more than $7.3 billion, creating or retaining more than 18,600 jobs
- In 2012, GM announced or implemented the following:
- Second shifts at Wentzville (Mo.) Assembly and Lansing (Mich.) Grand River Assembly plants
- A $200 million investment for stamping plant operations in Arlington (Texas), creating or retaining approximately 180 jobs
- Plans for third shift in first quarter of 2013 at Arlington Assembly, generating estimated 800 jobs for the plant that makes the Chevrolet Tahoe and Suburban, GMC Yukon and Cadillac Escalade full-size SUVs
- Investment of $220 million for tooling and equipment to build the next-generation Chevrolet Cruze in two northeast Ohio plants retaining more than 5,000 jobs at facilities in Lordstown and Parma
Last Updated: July 2nd, 2013