GM’s CEO Dan Akerson asked for a big raise. He thinks his work at GM is worth a paycheck of $11.1 million this year, up 20 percent from last year, Reuters reports, citing documents. The embarrassing part: Akerson and GM have to ask its white House sugar daddy for approval.
As part of GM’s government-funded bailout, the salaries of GM executives must be authorized by a special paymaster from the federal government. The request for a raise comes at an inopportune time. (Read More…)
Myanmar was once a pariah state known for its brutal military government and mistreatment of human rights activists like Aung San Suu Kyi. But democratic reforms and an easing of trade sanctions by Western governments means that doing business in Myanmar is now feasible – and GM is the latest automaker looking to establish a footing in the Asian country.
Wake up, little Susan, wake up
Uh-oh: Susan Docherty, dispatched from China to Europe to teach the Eurotrash the proper appreciation and respect for Chevrolet and Cadillac, has come up with a strategy that assures the destruction of Cadillac outside of the U.S. Cadillac’s global aspirations hinge on its success in Europe, Docherty told WardsAuto. Again: To be successful in China, Cadillac must first be successful in Europe. No blond jokes please, show some respect. (Read More…)
Check her rear
Not only will GM’s OnStar switch from the allegedly ultra-reliable and most dense Verizon network to the allegedly not-so reliable and not-so-dense AT &T network, as Reuters reports. It will also “make each of its cars an Internet hotspot with a high-speed broadband connection,” as Automotive News has it. (Read More…)
Toyota will make in the neighborhood of 10 million units this year, but plans on a big push for 2014 that will propel it way beyond the 10 million mark. (Read More…)
The popular wisdom among folks in the auto-biz of my generation (1970s) is that Buick only exists because of China. Why didn’t GM kill Buick in America and keep it in China? The answer is obvious: you can’t sell your brand on its “Americanness” if it isn’t also sold in America to Americans. Buick then is a brand hunting for a mission. It’s also a brand hunting for fresh customers that don’t remember the Century and Skylark, two abominations firmly burnt into my mind. In attempt to solve these problems Buick has ditched their badge-engineering mantra and is rolling out new products targeted at folks from the 80s and 90s. Forced induction and a manual transmission aren’t new to Buick, but the possibility of a desirable small sedan from the triple-shield is earth shattering. Have they managed it? GM tossed us a set of keys to find out.
GM’s European dealers had their run-ins with the company lately, but wait until their read GM’s annual report to the Security and Exchange Commission. In its 2012 10K, GM writes about its European dealer network:
“To determine the estimated fair value of the dealer network, we used the cost approach with adjustments in value for the overcapacity of dealers and the sales environment in the region. We determined the fair value to be $0.
Wait, there is less … (Read More…)
Here’s our first look at the Chevrolet SS. Silly moniker aside, it looks like a home run.
So you think GM had a big profit last year? There are other people who say that GM should have reported a $30 billion loss. At least as long as GAAP (Generally Accepted Accounting Principles) are applied. How did that happen? It’s a puzzle palace of assets out of thin air, of non-paid taxes on assumed future earnings. It started in 2010 … (Read More…)
For decades, big corporate profits were blasted as a sign of greed, especially by unions. GM changed all that. When a sheep dipped GM, free of legacy finance costs, and not paying taxes due to losses a normal company would not have been able to carry over after a bankruptcy, declared a record $7.6 billion profit in 2011, chests of GM boosters swelled with pride, as if the profits had been theirs. A year later, there is $2.7 billion less to be proud of. GM’s European millstone, Opel, continues to drag the company down. Opel’s operative losses more than doubled to $1.8 billion for all of 2012. (Read More…)
As a journalist, if you ask an OEM rep about any given car’s redesign or next generation, you’ll undoubtedly be met with a terse “we don’t comment on future product plans”. But if you’re an analyst? Different story.
Toyota swept J.D. Power and Associates 2013 U.S. Vehicle Dependability Study with its Lexus brand on top and by earning seven segment awards—more than any other automaker in 2013. General Motors received four segment awards and had Buick in place 6 and Chevrolet barely above average, while Volkswagen is an also-ran. (Read More…)
Legs of RenCen executives must be covered with black and blue marks from kicking themselves daily for not unloading Opel when the German government offered to take the sick patient off GM’s hands. A deal, financed with $6 billion courtesy of German tax payers and a little petty cash from Russian bankers would have given GM a little money and an immediate end of the huge losses at Opel. Frankly, nobody in Germany had much hope for an Opel under Magna and the Russians either, it was seen as a hospice where to wheel the sick patient until it dies in silence, a la Saab.
At the last minute, GM changed its mind. Who made the ill-fated decision? Was Akerson for keeping Opel, or for getting rid of it? (Read More…)
In a few hours, we’ll have live shots of the Chevrolet Cruze Clean Turbo Diesel (what a mouthful), but in the mean time, here’s a preview of the long awaited oil-burning Chevy.
Needs a lift
Three days ago, I showed you how to become a clairvoyant without even trying, or just by reading TTAC. If you followed my simple method of predicting the Chinese market in January and February, you could now collect on your first bet. GM, our patent-pending sales oracle for the Chinese market reports humongous sales, and an “all-time record month in China.” Is that the big turn-around? (Read More…)
Recent Comments