Autoblog

GM alters Akerson's pay mix because he may retire

Zach Bowman — Sun, 28 Apr 2013 13:02:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

General Motors has tweaked CEO Dan Akerson's pay mix to compensate for the possibility that the 64-year-old executive may retire before his long-term restricted stock vests in three years. Last year, Akerson saw his pay jump by 44 percent to $11.1 million, including $1.99 million in restricted stock as salary units, which vest immediately. Previously, Akerson was awarded around $2 million in restricted stock that could be forfeited on retirement.

The change has led some analysts to believe Akerson may retire earlier than he had planned. While speaking with Bloomberg, GM spokesperson Tom Henderson said, "We certainly wouldn't speculate on what he will actually do. That's up to him."

Akerson received $7.7 million in 2011 despite his actual pay target being closer to $9 million. If that seems steep, keep in mind his compensation falls well behind that of Ford CEO Alan Mulally, who brought home $21 million in compensation in 2012. GM is required to report changes to executive pay to the federal government.

GM alters Akerson's pay mix because he may retire originally appeared on Autoblog on Sun, 28 Apr 2013 13:02:00 EST. Please see our terms for use of feeds.

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GM headed for another big overhaul?

Jonathon Ramsey — Thu, 23 Aug 2012 10:01:00 EST

Filed under: GM

We talk a lot about global platforms and global powertrains, but the truly global corporation is much stronger in idea than in practice. General Motors CEO Dan Akerson is the latest to take a stab at creating a truly international company, preparing to stir up the entire organization with sweeping mission statements like "We've got to get this company and its culture into the 21st century," and "We need to take the bureaucracy out of the business."

According to a report from TheDetroitBureau.com, Akerson's issue is that GM operates in "legal entities," "fiefdoms" and silos of regional authority that don't make the most of the company or its brands. According to insiders, Akerson is planning a massive reorganization that would create global leadership in areas like purchasing and product development, to go along with those positions that already exist for marketing and design. The aim is to let the company focus on getting good products out instead of attending meetings, getting approvals and making plans.

More practical implementations of the restructuring would be instituting a new accounting system so that it can better track sales by country and a new information technology system to replace the one that lost track of who was working on what. Akerson's also got an eye on rationalizing parts, apparently, wanting to reduce the wild variety in common parts used by the company's brands. For example, The Detroit News notes that GM employs 30 different door latches across its models - rival Toyota only has five.

There doesn't appear to be anyone who thinks the idea of a complete overhaul, where top-down meets ground-up, is a bad thing for GM to do. Analysts do caution, however, that this is a task GM has tried before, and in addition to its inherent difficulty, it's probably easier to get wrong than get totally right. But Akerson sees it as his "patriotic duty" to fix GM, and as everyone else would probably also admit, it's better than doing nothing.

GM headed for another big overhaul? originally appeared on Autoblog on Thu, 23 Aug 2012 10:01:00 EST. Please see our terms for use of feeds.

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Akerson auctioning off personal 1958 Corvette for charity [w/video]

Jeff Sabatini — Fri, 17 Aug 2012 18:32:00 EST

Filed under: Classics, Convertible, Performance, Auctions, Chevrolet, GM

Dan Akerson will be taking a final parade lap at this weekend's Woodward Dream Cruise. No, much to the chagrin of the punditry, he's not stepping down as CEO of General Motors, just driving his 1958 Chevrolet Corvette for the last time before sending it off to auction for charity.

Akerson's benevolence will benefit Habitat for Humanity Detroit, which is fighting urban blight in the city's Morningside Commons neighborhood on the east side. GM's CEO has already given Habitat a million bucks this year, according to the press release. Details of when and where the car will be sold "will be announced shortly."

Clearly Akerson wants to be a role model for the sort of corporate stewardship GM sees as necessary to revitalize its hometown. Scroll down to see video of the car.

Continue reading Akerson auctioning off personal 1958 Corvette for charity [w/video]

Akerson auctioning off personal 1958 Corvette for charity [w/video] originally appeared on Autoblog on Fri, 17 Aug 2012 18:32:00 EST. Please see our terms for use of feeds.

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CEO Akerson buys over $500K in GM stock

Jeff Sabatini — Thu, 09 Aug 2012 16:31:00 EST

Filed under: Etc., GM, Earnings/Financials

You have to feel for Dan Akerson. Not only is the guy stuck parking his Chevrolet Volt at the country club next to all those 500-plus-horsepower tarmac terrors from Audi, BMW and Mercedes-Benz, but he's woefully underpaid.

So what's the General Motors Chaiman and CEO to do? Take matters into his own hands - like a boss. According to The Detroit News, Akerson bought 25,000 shares of GM stock this week, investing a cool half-a-million bucks in his own company. The move comes despite Akerson having "incurred significant paper losses" of about $1.8 million on his GM stock holdings, now reported at 272,838 shares.

A GM spokesman told the News that the latest stock purchase was a personal investment. Because the man has to get paid.

CEO Akerson buys over $500K in GM stock originally appeared on Autoblog on Thu, 09 Aug 2012 16:31:00 EST. Please see our terms for use of feeds.

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Opel turnaround architect Girsky steps in as interim GM of Europe boss

Jeff Sabatini — Thu, 12 Jul 2012 14:00:00 EST

Filed under: Europe, Hirings/Firings/Layoffs, GM, Opel, Vauxhall

Europe is a mess. The French auto industry is doing its best imitation of 1980s-era Flint, Michigan, Mitsubishi just sold an assembly plant for a single euro and pundits are calling for Ford and General Motors to just bail on the whole continent, where sales are dropping at an alarming rate.

Good luck, Steve Girsky.

General Motors announced today that Karl-Friedrich Stracke, its European president and CEO of the Opel empire is out, and vice chairman Steve Girsky has the reins, at least on an interim basis. Girsky had been serving as chairman of the Opel Supervisory Board, crafting a turnaround plan for the beleaguered GM subsidiary. Stracke will "take on special assignments reporting to GM chairman and CEO Dan Akerson," according to an official press release. (Bonus points are duly awarded for not saying that he would be spending more time with his family.)

According to Fortune, Opel has bled some $16.4 billion since 1999 and probably can't do much to right its financial fortunes until 2015, due to a labor agreement that forbids plant closures. The report indicates that this new assignment for Girsky is likely an audition for Akerson's job. Should he manage to produce any positive results with Opel, it could raise his standing within GM.

Continue reading Opel turnaround architect Girsky steps in as interim GM of Europe boss

Opel turnaround architect Girsky steps in as interim GM of Europe boss originally appeared on Autoblog on Thu, 12 Jul 2012 14:00:00 EST. Please see our terms for use of feeds.

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GM CEO Akerson makes less than his peers

Jeff Sabatini — Fri, 27 Apr 2012 14:01:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

You wouldn't think $7.7 million is something to complain about, but then again, you're probably not in the running to be CEO of General Motors. Despite the fact that GM is no longer the largest company in the world - or, depending on whom you ask, even the largest carmaker - it's a big job. On most days, we imagine it's a pretty thankless one too. So when you compare the salary of GM CEO Dan Akerson to that of his cross-town rival at Ford, perhaps $7.7 million does seem like chump change compared to Alan Mullaly's 2011 compensation of $29.5 million.

And according to a report in The Detroit News, GM apparently isn't happy to see its CEO sitting in third place among Big Three CEOs when payday comes. GM's proxy statement filed with the Securities and Exchange Commission yesterday said that the company is having an "extremely difficult" time hiring qualified executives because of limits to compensation set by the U.S. Treasury Department. The Treasury has capped the amount Akerson and other execs can make as part of GM's 2009 bailout.

Here's a thought: Maybe GM just needs to do a better job emphasizing all the benefits that come with working for the General, like getting to drive a Chevrolet Volt gratis.

GM CEO Akerson makes less than his peers originally appeared on Autoblog on Fri, 27 Apr 2012 14:01:00 EST. Please see our terms for use of feeds.

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GM's Akerson thinks successor should come from within; "won't back off" criticism of Lincoln

Jeremy Korzeniewski — Thu, 26 Apr 2012 09:28:00 EST

Filed under: Hirings/Firings/Layoffs, GM, Lincoln

There has been a lot of discussion from industry analysts about who will replace Ford CEO Alan Mulally, but he's not the only CEO of a major American automaker that will eventually need a successor.

Dan Akerson, CEO of General Motors since shortly after its emergence from bankruptcy in 2009, told Automotive News in an interview that he hopes his successor comes from within the automaker's ranks, as opposed to bringing in an outsider. Candidates are said to include GM Vice Chairman Steve Girsky, North American head Mark Reuss and global product leader Mary Barra.

Interestingly, Akerson himself was imported from a private equity firm called The Carlyle Group, and he has indeed had to learn how the auto industry operates, as he told AN:

"This is the funniest industry. Most industries people are straight up with it. Here everybody slaps everybody on the back, you just got to make sure they don't have a knife with it."

Despite this acknowledgement, Akerson is still not one to pull punches. GM's CEO famously said of Ford's luxury brand, "They are trying like hell to resurrect Lincoln. Well, I might as well tell you, you might as well sprinkle holy water. It's over." And he's not backing down. "A little bit of holy water wouldn't hurt, I won't back off that."

If a rumored billion-dollar investment and a slew of heavily updated models is equivalent to "holy water," we'd say Ford must agree with Akerson's assessment.

GM's Akerson thinks successor should come from within; "won't back off" criticism of Lincoln originally appeared on Autoblog on Thu, 26 Apr 2012 09:28:00 EST. Please see our terms for use of feeds.

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GM ends donations to climate-change-denying Heartland Institute

Sebastian Blanco — Sun, 01 Apr 2012 14:02:00 EST

Filed under: Etc., Earnings/Financials

10,000 General Motors owners can make an impact.

After being confronted with a petition against the money that the GM Foundation gave to the Heartland Institute - known as one of the biggest funders of climate-change denial - following an exposé on DeSmogBlog, CEO Dan Akerson said earlier this month that he would review the situation. Based on a press release put out by the group that organized the petition, Forecast the Facts, it appears that GM will no longer give the Heartland Institute any money. In 2011, the GM Foundation donated $15,000.

Forecast the Facts' petition was signed by over 20,000 people, including 10,000 who own or owned a GM vehicle. Following the announcement, Forecast the Facts campaign director, Daniel Souweine, said in a statement, that, "We applaud GM's decision and the message it sends: that it is no longer acceptable for corporations to promote the denial of climate change, and that support for an organization like Heartland is not in line with GM's values."

Continue reading GM ends donations to climate-change-denying Heartland Institute

GM ends donations to climate-change-denying Heartland Institute originally appeared on Autoblog on Sun, 01 Apr 2012 14:02:00 EST. Please see our terms for use of feeds.

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GM's biggest hurdle to recruiting new talent? Finding people to live in Detroit

Jeremy Korzeniewski — Tue, 27 Mar 2012 13:01:00 EST

Filed under: Government/Legal, Hirings/Firings/Layoffs, GM

Believe it or not, there was once a time when Detroit was a hustling and bustling urban metropolis - a desirable city in which to live. Today? Sure, there are some hardcore Detroit supporters, and there are certainly nice areas in and around Detroit to call home, but the truth is that the United States population at large doesn't have Detroit high on its list of places to relocate.

Part of the reason Detroit doesn't make an attractive home is that the city's finances are hardly in order. In fact, as pointed out by The Detroit News, the city is negotiating with the State of Michigan to avoid a takeover of the city. Even though a consent agreement is possible, none of this helps Detroit-based corporations like General Motors lure workers into the city's borders.

Current GM CEO Dan Akerson said in an interview that he hopes his company can contribute to Detroit's revival, but "wouldn't pretend to know what the best solution is." Neither would we. Like Akerson, though, we hope the home of the Big Three gets back on its feet with as much solidity as the automakers seem to have managed.

GM's biggest hurdle to recruiting new talent? Finding people to live in Detroit originally appeared on Autoblog on Tue, 27 Mar 2012 13:01:00 EST. Please see our terms for use of feeds.

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GM launches ad campaign touting Chevy Volt safety [w/video]

Autoblog Staff — Fri, 27 Jan 2012 11:33:00 EST

Filed under: Hybrid, Government/Legal, Marketing/Advertising, Safety, Hatchback, Electric

General Motors has launched an advertising campaign touting the safety of the Chevrolet Volt extended-range plug-in electric vehicle, just as its CEO testified to Congress that a recent Volt fire that took place after a National Highway Traffic Safety Administration crash test would never occur under real-world circumstances, Bloomberg has reported.

GM CEO Dan Akerson (pictured) said in the campaign that he "couldn't be prouder" of the technology the company uses to produce the Volt, the wire service noted. The campaign includes full-page ads in 19 U.S. daily newspapers, including the The New York Times, as well as a television ad that will debut on News Corp's Fox News channel. GM has also released a new "normal" ad that calls the Volt "the car America had to build." You can watch the 30-second clip, which may appear in or around the Super Bowl, after the jump.

Akerson spoke Wednesday in a hearing with the Committee on Oversight and Government Reform's Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending. Both he and NHTSA Administrator David Strickland said the car was safe and defended NHTSA's handling of the situation against accusations from some Republican members of Congress who've been critical of the Obama Administration and its relationship with GM.

NHTSA said late last week that it finished its two-month investigation into the crash test that resulted in a fire three weeks after the fact last summer, and concluded that neither the Volt nor other electric vehicles pose more of a fire risk than conventional vehicles.

Continue reading GM launches ad campaign touting Chevy Volt safety [w/video]

GM launches ad campaign touting Chevy Volt safety [w/video] originally appeared on Autoblog on Fri, 27 Jan 2012 11:33:00 EST. Please see our terms for use of feeds.

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GM CEO stands up for Chevy Volt in D.C. hearing; Issa tells NHTSA: "I don't believe you"

Sebastian Blanco — Wed, 25 Jan 2012 13:01:00 EST

Filed under: Hybrid, Government/Legal, Safety, Hatchback, Chevrolet, Electric

What a surprise. Today's Congressional hearing over the Chevrolet Volt fire and the resulting investigation by the National Highway Traffic Safety Administration turned out to be contentious.

The hearing took place in the Committee on Oversight and Government Reform's Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending. Just from the title of the event - "Volt Vehicle Fire: What did NHTSA Know and When Did They Know It?" - it was plain to see that chairman Darrell Issa was not looking to mess around. Issa had General Motors CEO Dan Akerson, NHTSA Administrator David Strickland and John German (Senior Fellow and Program Director at the International Council on Clean Transportation) at his disposal, but he clearly didn't always like what they had to say. Issa and other Republicans questioned the "unnatural relationship" between the Obama Administration and GM as well as why it took NHTSA so many months to reveal the fire in November when it happened in June.

GM's Akerson stood up for the Volt, saying that the fire that's caused so much commotion only happened "after putting the battery through lab conditions that no driver would experience in the real world," according to his prepared remarks. Strickland said NHTSA "pulled no punches" in the Volt fire investigation - which recently ended after finding the Volt to be a safe car - but Issa was having none of it. He told Strickland: "I hear you, I don't believe you."

You can find the official Congressional website about the hearing (which includes a video of the entire session) here. The subcommittee's staff report, "Government Motors: A Preliminary Report on the Effects of Bailouts and Politics on the Obama Administration's Ability to Protect American Consumers" is available as a PDF. Be careful when reading it, though, as it starts by subtly misleading the reader. The report says:

Moreover, in the case of GM, the [Obama] Administration has offered substantial taxpayer funded subsidies to encourage production of the Volt. ... It has also extended a significant subsidy to encourage consumers to purchase the vehicle, offering buyers of the Volt a federal tax credit of up to $7,500 per vehicle.

A bit of research shows that the $7,500 tax credit was first put into law in the 2007-2008 Congress with the Energy Improvement and Extension Act of 2008, well before there was an Obama Administration.

Continue reading GM CEO stands up for Chevy Volt in D.C. hearing; Issa tells NHTSA: "I don't believe you"

GM CEO stands up for Chevy Volt in D.C. hearing; Issa tells NHTSA: "I don't believe you" originally appeared on Autoblog on Wed, 25 Jan 2012 13:01:00 EST. Please see our terms for use of feeds.

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Chevy dealers now authorized to sell Volt demo units

Zach Bowman — Tue, 08 Nov 2011 11:30:00 EST

Filed under: Car Buying, Hybrid, Sedan, Chevrolet, GM, Electric

The year is quickly winding to a close, and General Motors is taking steps to ensure that the automaker meets its goal of selling 10,000 Chevrolet Volt units. The company has given its dealers the go-ahead to sell their Volt demo vehicles, thereby greatly increasing the availability of the plug-in. In the past, GM has required its Chevrolet dealers to keep at least one Volt model on the lot to show off to potential customers. Dropping that requirement will see the number of available Volt models swell by 2,300 units, according to Automotive News.

As of the end of October, GM has managed to move just 5,003 Volt units this year. That's a far cry from GM CEO Dan Akerson's 10,000-unit goal. The company says that in addition to the demo vehicles, the automaker has an extra 1,800 Volt models in transit to dealers right now, which brings the total number of available vehicles to 4,100. Even if GM dealers manage to find homes for all of those plug-in hybrids in just two months, the company would still miss its target by almost 800 units.

Chevy dealers now authorized to sell Volt demo units originally appeared on Autoblog on Tue, 08 Nov 2011 11:30:00 EST. Please see our terms for use of feeds.

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Akerson says GM will build Cadillac models outside North America by end of 2012

Zach Bowman — Tue, 07 Jun 2011 14:01:00 EST

Filed under: Plants/Manufacturing, Cadillac, GM, Luxury

2008 Cadillac BLS - Click above for high-res image gallery

Automotive News is reporting that General Motors will begin to manufacture Cadillac vehicles outside of North America by the end of next year. Dan Akerson, GM CEO, says the move is part of an overall strategy to make the Wreath and Crest a truly global brand. Right now, Cadillac vehicles are manufactured only in U.S. and Mexican facilities, despite the fact that the models are sold all over the world. Expanding production outside of those two countries would help protect Cadillac from currency fluctuations and help the company better manage its supply chain, Akerson said.

As of right now, there's no indication as to where the new plants will be located, but we wouldn't be shocked if it turned out to be China.

Akerson also said that GM wants to make Cadillac the company's global luxury brand just as Chevrolet is its current global value brand. The General hopes that doing so will allow the automaker to emulate the success that Toyota has had with Lexus.

Cadillac has experimented with production outside of North America in the past with lackluster results. The unloved Saab 9-3 -based BLS sedan and wagon (above) was produced in Sweden from 2005-2009 and Russia from 2009-2010.

Akerson says GM will build Cadillac models outside North America by end of 2012 originally appeared on Autoblog on Tue, 07 Jun 2011 14:01:00 EST. Please see our terms for use of feeds.

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GM CEO Akerson disses Lincoln as "over," slights hydrogen and ethanol tech

Jeremy Korzeniewski — Mon, 06 Jun 2011 15:29:00 EST

Filed under: Hybrid, Sedan, Cadillac, Chevrolet, GM, Lincoln, Electric, Luxury

Cadillac XTS spy shots - Click above for high-res image gallery

"They are trying like hell to resurrect Lincoln. Well, I might as well tell you, you might as well sprinkle holy water. It's over."

So says General Motors CEO Dan Akerson, speaking to reporters from The Detroit News. Fightin' words to be sure, though it seems the suits at Lincoln, Ford's luxury brand that competes with Cadillac here in the United States, have declined to comment on Akerson's statement.

The dismissal of the Lincoln brand seems especially interesting given Akerson's reported take on the current state of Cadillac. Akerson is said to believe that Cadillac isn't yet where it needs to be, saying the brand needs another 12 to 24 months of gestation. By that time, there ought to be bookends to the current CTS in place in the form of the ATS (smaller) and XTS (larger, replacing the STS and DTS).

Still, Akerson doesn't expect to "blow the doors off" Cadillac's competition, saying instead that "they will be very competitive." We'd think Caddy would be aiming squarely at something more like "class leading," but what do we know?

The GM CEO also weighed in on alternative powertrains, suggesting that the plug-in extended-range electric Chevrolet Volt will be "old, old technology and old news" five years from now. "In the next 10 years," he said, "this company has to break the code on advanced propulsion and that's going to be a multifaceted solution."

That multifaceted solution will apparently include dual-fuel engines that run on either compressed natural gas or gasoline along with various hybrids and electric drivetrains. What we won't see, though, are a ton of vehicles running on ethanol or hydrogen. Interesting sentiments (though we don't necessarily disagree), considering that GM currently has scads of machinery that's E85-capable and has made it through its fourth generation of hydrogen fuel cell technology.

For the rest of the tidbits uttered by Akerson, check out the complete story on The Detroit News.

GM CEO Akerson disses Lincoln as "over," slights hydrogen and ethanol tech originally appeared on Autoblog on Mon, 06 Jun 2011 15:29:00 EST. Please see our terms for use of feeds.

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CEO Akerson buys nearly $1M in GM stock

Jeff Glucker — Fri, 13 May 2011 09:00:00 EST

Filed under: GM, Earnings/Financials

What's a good way for a CEO to show that he supports his company? Buying stock is one way to do it, and General Motors CEO Dan Akerson has done just that.

Purchased as a personal investment, Akerson has reportedly spent nearly $1 million buying up 30,000 GM shares. Akerson paid $31.33 per share, for a total purchase of $939,000. According to The Detroit News, this move brings his total investment of General Motors stock up to an even 50,000.

CEO Akerson buys nearly $1M in GM stock originally appeared on Autoblog on Fri, 13 May 2011 09:00:00 EST. Please see our terms for use of feeds.

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GM CEO Dan Akerson earned $2.5 million in 2010

Aaron Richardson — Sat, 23 Apr 2011 17:01:00 EST

Filed under: GM, Earnings/Financials

Despite only holding the reins of General Motors for the last four months of 2010, company CEO Dan Akerson received $2.5 million in compensation last year. Akerson took over the post from Ed Whitacre on Sept. 1, after Whitacre stepped down. According to The Detroit News, Akerson was paid $566,667 in salary from GM and a further $1.76 million in stock awards. Not bad for four months' work.

Akerson's earnings are subject to review by the federal government, since they still own a 32 percent share of the company. For 2011, Akerson won't get a raise, which means he'll earn $9 million this year, the same amount Ed Whitacre would have been paid had he made it an entire year.

Akerson was at the helm for GM's IPO in November, and helped the company close out 2010 posting its biggest profit in ten years.

[Source: The Detroit News]

GM CEO Dan Akerson earned $2.5 million in 2010 originally appeared on Autoblog on Sat, 23 Apr 2011 17:01:00 EST. Please see our terms for use of feeds.

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Report: Akerson's leadership, pricing strategies at GM drawing more fire

Jeff Glucker — Fri, 25 Mar 2011 18:01:00 EST

Filed under: Car Buying, GM

We know he's not a "car guy" but some think General Motors CEO Dan Akerson might not be a guy fit for a car company period. Akerson comes from the telecommunications world, and it seems some analysts believe it's that background that's driving him to cut costs and drive sales by means of heavy incentives and rebates.

GM has seen strong sales to start 2011, but other automakers are quick to point out these gains come courtesy of instant gratification tactics. By initially devaluing its product, GM also diminishes its future resale value. Additionally, customers shopping for a General Motors product will expect an incentive or rebate when they show up at their local dealership.

We haven't seen March sales figures yet, but as it was the month GM ended its current run of incentives and rebates, it will be interesting to see if sales take a dip as a result. Early estimates say that's the case, but we'll have to wait for the monthly By the Numbers to be sure.

[Source: MSNBC]

Report: Akerson's leadership, pricing strategies at GM drawing more fire originally appeared on Autoblog on Fri, 25 Mar 2011 18:01:00 EST. Please see our terms for use of feeds.

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Report: GM CEO Akerson says Chevy Volt tech coming to minivan

Jeremy Korzeniewski — Wed, 12 Jan 2011 14:02:00 EST

Filed under: Hybrid, Minivan/Van, Chevrolet, GM, Electric

2011 Chevrolet Volt charging port - Click above for high-res image gallery

The more vehicles General Motors is able to build using the battery technology pioneered in its 2011 Chevrolet Volt, the better chance the automaker has of earning a return on its significant investment into the electrically driven automobile. It's the classic economies of scale issue... but what is the next logical vehicle application?

While many of the early prognostications pointed to a Voltec-powered Cadillac, a report from AutoWeek says GM CEO Dan Akerson is suggesting a minivan may come first. There's also some talk that an unknown hatchback is in the works (yes, the Volt is indeed a hatchback that's shaped to look more like a sedan, but whatever).

Also notable are Akerson's expectations that at least 10-percent of all GM production will be hybrid, plug-in hybrid or electric vehicles within 10 to 15 years. Akerson wants each of the automaker's four core divisions - Buick, Cadillac, Chevrolet (check) and GMC - to have a vehicle using Volt technology, though no timeframe for that expansion has been given.

In other Volt news, Akerson told reporters at the 2011 Automotive News World Congress that the General is on track to sell 25,000 Chevrolet Volts for the 2011 model year, which is a sizeable increase from the 10,000-20,000 units expected as production began.

Moving past the ever-present greenery, Akerson and GM North American President Mark Reuss both stated that the company is putting some of its next-generation truck programs on the fast-track. We'd imagine that means we'll see new fullsize pickups from Chevy and GMC sooner rather than later.

Gallery: 2011 Chevrolet Volt: First Drive

Report: GM CEO Akerson says Chevy Volt tech coming to minivan originally appeared on Autoblog on Wed, 12 Jan 2011 14:02:00 EST. Please see our terms for use of feeds.

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Report: GM studying how to double or triple Chevy Volt production

Sebastian Blanco — Wed, 01 Dec 2010 14:02:00 EST

Filed under: Hybrid, Plants/Manufacturing, Hatchback, Chevrolet, GM, Electric

Early Volts reportedly cost $40,000 to build

Chevrolet Volt battery pack - Click above for high-res image gallery

How's your math? If you have 240,000 "potential buyers" but only 10,000 vehicles to sell them in the first year, what can you do? If you're General Motos and the item in question is the Chevrolet Volt, then you look for ways to seriously increase the number of Volts you can build (and, of course, sell).

That's exactly what CEO Dan Akerson says his company is trying to do, looking to double or triple production rates of this very important car. The problem, according to GM North America President Mark Reuss, is the bottleneck created by the limited number of battery cells that vendor LG Chem can produce for GM. The current plan is to make around 10,000 in 2011 and 45,000 in 2012. That 2012 number has already been increased from 30,000.

Upping the production numbers is good for GM for another reason. According to Steven Rattner, who was President Obama's former auto bailout chief and worked intimately with GM, "At least in the early years, each Volt would cost around $40,000 to manufacture (development costs not included)." GM won't confirm this number, but increased production will get the company, presumably, better economies of scale and thus lower production costs.

Gallery: 2011 Chevrolet Volt battery pack

[Sources: The New York Times, Automotive News - sub. req.]

Report: GM studying how to double or triple Chevy Volt production originally appeared on Autoblog on Wed, 01 Dec 2010 14:02:00 EST. Please see our terms for use of feeds.

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New GM CEO Akerson to earn salary of $1.7 million

Steven J. Ewing — Fri, 10 Sep 2010 16:01:00 EST

Filed under: GM, Earnings/Financials

Dan Akerson, the man who just recently replaced Ed Whitacre as General Motors' CEO, will be paid an annual salary of a cool $1.7 million. That's an awfully pretty penny, but Akerson indeed has his work cut out for him - The General is finally on its way to public ownership, with a stock IPO in the works for later this year.

In addition to his $1.7 million, Akerson will also receive $5.3 million worth of GM stock, delivered over the course of three years beginning on September 30, 2011. Furthermore, he will receive an additional $2 million in stock under GM's long-term incentive plan.

This may seem like quite a bit, but things are a lot richer (literally) just down the road in Dearborn. Ford's CEO, Alan Mulally, makes substantially more - he netted $17.9 million in cash and bonuses in 2009 - though this is largely due to the fact that the government bailouts have limited the CEO salary amounts for both GM and Chrysler.

[Source: Edmunds Auto Observer | Image: John F. Martin/AFP/Getty]

New GM CEO Akerson to earn salary of $1.7 million originally appeared on Autoblog on Fri, 10 Sep 2010 16:01:00 EST. Please see our terms for use of feeds.

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