Reuters [via ABC] reports that GM has completed its S1 filing and will file Monday, after a Friday the 13th filing was delayed in order to

add a management risk factor after Chief Executive Ed Whitacre announced on Thursday he would step down and be succeeded by Dan Akerson effective September.

And that won’t be the only “risk factor” warning to investors in GM’s S-1. Bloomberg found a number of analysts ready to support the headline

GM’s Akerson to Struggle in Proving to IPO Investors Europe Fixable

Any bets on the number of times the word “Opel” appears in tomorrow’s filing?

(Read More…)

So there’s this huge metal stamping plant in Indianapolis. The current owner wants the workers to accept huge pay cuts so that the plant can be sold off to another buyer. The plant is a UAW shop. What does the UAW do? Paint picket signs? Threaten strike? Chant “solidarity forever?” Threaten to bust the rotten deal if the working stiff has to pay for it? Not this time. The plant in question is a GM plant. Through their union’s health fund, the UAW owns a good chunk of GM, and every owner of GM wants that stamping plant deal to close ASAP. There is an IPO in the works. (Read More…)

Editor’s Note: GM’s outgoing Chairman/CEO Ed Whitacre sent the following email to GM’s senior executives today [via Detroit News]

My goal in coming to General Motors was to help restore profitability, build a strong market position and prepare this iconic company for success. While we have more to do, it is fair to say that GM is headed on that path. Our earnings for the last two quarters show that. Our strong sales show that. And the enthusiasm from everyone I meet at GM shows that.

We are on the right track. And I have complete confidence that Dan Akerson will keep us moving forward. Dan is committed to GM; he’s been a key player in the decisions our Board has made over the last year. He will do a great job, and deserves your complete support.

I have enjoyed my time as CEO of GM more than I can say, and I am pleased to stay on as Chairman through the end of the year. I am excited about this company, and I want you to know that it is the people of GM who make this a very special place. You are the best, and I truly appreciate all you do.

Thank you for the privilege of leading this great company. I am anxious to see the new heights that you will achieve as you continue focusing on designing, building and selling the world’s best vehicles.

Ed Whitacre

From the moment GM’s Chairman Ed Whitacre took over for Fritz Henderson as CEO, many wondered how long the 68-year-old Texan would stick around. Apparently GM’s board was not immune from such uncertainty either, as Bloomberg reports that it gave Whitacre an ultimatum: commit to the long haul or get out now. According to reports, several Wall Street banks asked Whitacre whether he would be leading GM long-term during pre-IPO meetings. Whitacre didn’t answer at the time, but the pressure from Wall Street clearly pressed the board’s hand. Since Whitacre ultimately didn’t want to stick around for an extended term (posibly due to the Treasury’s unwillingness to dump all of its stock during GM’s IPO), the board picked Dan Akerson to take over. But how will an unexpected handoff to an unknown executive with no industry experience affect GM’s IPO?
(Read More…)

Collectively, the the Detroit Three have enjoyed precisely one market share turnaround in the last several years: Ford in 2009. This year, Detroit’s market share looks downright stagnant. Chrysler’s got a tiny bump going on, but Ford’s lost its fizz and GM is skidding bottom… at best. On the other hand, if this graph is just too gloomy for you, hit the jump for one of the first glimmers of (market share) hope for Detroit in years.

(Read More…)

One might imagine that GM wouldn’t want to scare anyone away from its forthcoming IPO, but triskadecaphobes might just want to sit this one out. With a $5b credit line reportedly secured from a group of “at least 15” banks, Reuters [via Automotive News [sub]] reports that GM could file its S1 with the SEC as soon as tomorrow. In case that date is too pregnant with superstition, GM could wait until next Monday to file paperwork. Either way, GM is expected to go public by the Thanksgiving holiday.
(Read More…)

GM Chairman/CEO Ed Whitacre just announced during GM’s Q2 financial conference call that he will step down as CEO on September 1, and as Chairman at the end of 2010. GM board member Dan Akerson will take over both of Whitacre’s position. Whitacre called Akerson “very involved” and said he expects a smooth transition. Whitacre planned to leave after “returning GM to greatness,” and says that “with a good foundation in place,” he’s ready to leave. The board’s been aware of Whitacre’s plan, and the board was ready to act when Whitacre said he was ready to step down. Akerson says he and Whitacre “share a vision” for GM, so instead of setting an agenda now, he’s focusing on a smooth transition. Akerson noted that Whitacre “had made some management changes” already, and he’s confident in his “deep bench.” The major transition, he says, “is me,” because he needs to gain a day-to-day, operational perspective on the business.

(Read More…)

GM has released its Q2 earnings, and it’s pulled off a $1.3b net profit on improved North American revenue, and narrower losses on GM Europe. Revenues for GM International, however, were down to about half of their Q1 level. Despite over $1b in capital expenditures last quarter, GM  managed to improve free cash flow from $970m in Q1 to $2.834b in Q2. Full chart packet available in .doc format here, presentation slides available in PDF format here.

(Read More…)

When GM went into bankruptcy, people had their money on  Saturn going to die. The odds changed a bit when Roger Penske was in talks to buy Saturn. But, in a cruel twist of fate, Saturn was condemned to death by a bunch of executives in France. They vetoed Carlos Ghosn’s idea of supplying Penske with Renault cars for the Saturn brand. The death of Saturn meant that its manufacturing plant in Spring Hill, Tennessee, would join Saturn in the grave. And so it did, along with 800 people who lost their jobs. Suddenly, there is the proverbial glimmer of hope for those 800 workers and the economy of Spring Hill. (Read More…)

Chinese Automakers are worried that the formerly insane growth rates suddenly has reached levels of relative normalcy, what with total vehicle sales in July up only 14.4 percent.

What to do? Quick! Nissan came up with a novel idea: (Read More…)

Pop quiz time: Which country is GM’s largest market? Easy. China. By a wide margin. Buick is kept alive because China is Buick country, and for raw numbers, there are the gadzillions of cheap Wuling vans, bought and reviled by farmers and small businesses.

Now for the tougher question: Name the three largest markets of Chevrolet, worldwide. (Read More…)

We want the government out, period. We don’t want to be known as Government Motors.

GM Chairman and CEO Ed Whitacre channels his inner Rick “Bankruptcy is not an option” Wagoner in the New York Times, telling the taxpayers who put him in charge of a bailout-rinsed General Motors to get lost. Sure Ed, we’ll all go NSFW ourselves just as soon as we get our $49.5 billion back. Talk about putting the throat-clearing guttural in chutzpah…

(Read More…)

Sometimes I miss Bob Lutz so much it hurts.  First we’re teased with rumors of a Cadillac flagship and now this: a Zeta-based Buick flagship that’s the spiritual successor to the 1996 Buick Roadmaster. The news is exciting, even if it lacks the panache of a Lutzian rear-wheel-drive screed. But you have to read a little deeper for the real punch line.

(Read More…)

[Editor’s Note: The following is the transcript of a speech given by GM Chairman/CEO Ed Whitacre today at the Center For Automotive Research’s Management Briefing Seminar (via GM Media)]

Thanks, Dave [Cole], and good afternoon.  It’s a pleasure to be here…and it’s no wonder why you picked this location.

This really is beautiful country up here.  And as a Texan, it pains me to say this, but it’s true…your lake really is bigger than any lake in Texas.

This is my first time at this conference, so I hope you will take it easy on me.  You were nice enough to invite me last year…but at the time, I was still trying to figure out my way around the RenCen without getting lost.

(Read More…)

Prior to going on television on Monday, I spoke to a GM spokesman in hopes of better understanding the business case for the Volt. Perhaps the most interesting thing he told me was that a major impetus for developing the Volt as an Extended-Range Electric concept was GM’s failure to achieve success with three alt-energy concepts (EV-1, Hydrogen, and yes, E-85 ethanol) due to their need for fueling infrastructure. As we talked, it occurred to me that three other less-than-entirely-successful GM “green car” projects might have helped lead The General down the primrose path to the Volt: GM’s BAS “Mild Hybrid,” the Parallel Hybrid Truck system (PHT), and the V8-based “Two-Mode” hybrid drivetrains. He admitted (somewhat grudgingly) that GM’s hybrid sales had been “disappointing” and that the ambitious Volt project was to some extent motivated by this lack of market success. What he didn’t tell me: GM is bringing back the discontinued mild-hybrid BAS system for 2011.

(Read More…)