Report: GM ending of distracting trail of failed deals

Article by Christian A., on August 27, 2010

General Motors Co. continues to be hounded by trouble months after it emerged from a 40-day bankruptcy in July. Recent reports about GM have been about problems with deal-making and about a shakeup of management.

Since September, a deal to sell the Saturn brand has failed, an offer to sell its European unit Opel was pulled, the sale of Hummer to a Chinese firm has been delayed and Saab now faces closure. 

It can be recalled that former CEO Fritz Henderson vowed that a "new GM" would listen to customers and would seek to reform a risk-averse corporate culture blamed for its long-running decline.

The restructuring funded with $50 billion in US aid made GM stop worrying about financial engineering and to focus instead on engineering better cars and selling more of them.

Henderson famously said, "If we don't get this right, nothing else is going to work." GM's plan coming out of Chapter 11 had been to focus attention on its core brands (Chevrolet, Cadillac, Buick and GMC) as it sold off or closed the rest.

That strategy has not gone smoothly and has even contributed to a shake-up of management with the largest casualty being Henderson himself. [via autonews]

Topics: gm, united states

If you liked the article, share on:

Comments

Recommended

While Tesla Motors continues to struggle with regards to the assembly of its much awaited Tesla Model 3, investment firm Oppenheimer & Co. is confident that its previous production estimates...
by - October 22, 2017
It seems that BMW’s high-performance division -- BMW M – still has not warmed up to front-wheel drive vehicles. So those who had been looking forward to BMW M vehicles...
by - October 22, 2017
Porsche already has the Performance Package for their range-topping Macan Turbo, which is currently available in some countries. Soon, this model will be dethroned by something even fancier by the...
by - October 22, 2017
After the highly dynamic Polestar 1 two-door coupe – Polestar’s first ever production car -- was recently unveiled, not a few people’s curiosity was piqued as to how much they...
by - October 21, 2017
The BMW 7 Series is already highly sought after but nonetheless, the German marque is giving it a more exclusive variant for the Russian market, and they are calling it...
by - October 20, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries