Autoblog

Buick-GMC general manager Michael Richards leaves after just nine days on the job

Jonny Lieberman — Thu, 10 Dec 2009 16:20:00 EST

Filed under: Hirings/Firings/Layoffs, Buick, GM, GMC

Nine days ago, we posted about Michael Richards getting Susan Docherty's old post at General Motors, brand manager for Buick-GMC. Today, he walked away. According to The Detroit News, the official (yet still unofficial) reason is that Richards' previous employer - Trinity Automotive in Austin, TX - made him a very strong counter offer. Though it seems to us that Trinity would have made the counter offer before Richards packed up and moved north, and we've also heard rumblings from Detroit insiders that there's more to this story than meets the eye.

Whatever the actual reason for Richards' abrupt departure, Buick-GMC is currently without a leader. Chevrolet is in a bit of a better position, even though just yesterday its vice president and 31-year company vet Brent Dewar suddenly retired. Dewar was appointed to his position in July by ex-CEO Fritz Henderson, who just resigned/was outsted from GM... nine days ago. Dewar was immediately replaced by Jim Campbell, Chevy's Fleet and Commercial Operations manager.

It seems mostly obvious to us, that both Richards and Dewar's sudden departures have to do with Henderson leaving. Because honestly, it sure as hell ain't the weather outside the Renaissance Center. As for Richards specifically, it must have been odd and unsettling to start a new career on the very same day that the guy that hired you exits stage left.

[Source: The Detroit News]

Buick-GMC general manager Michael Richards leaves after just nine days on the job originally appeared on Autoblog on Thu, 10 Dec 2009 16:20:00 EST. Please see our terms for use of feeds.

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Mad Money host Jim Cramer calls Whitacre 'assassin of the bad'

Jonny Lieberman — Wed, 09 Dec 2009 08:01:00 EST

Filed under: Hirings/Firings/Layoffs

We've spilled some ink about CNBC Mad Money host Jim Cramer before, the financial expert who - as The Daily Show pointed out - missed the whole Great Depression 2.0 thing. Of course, it's not fair to single out Mr. Cramer, as 99 out of 100 economists thought credit default swaps based upon ill-conceived home loans to people with lousy credit was a sure-fired, long-term money-making bonanza.

Regardless, Jim Cramer is very bullish on General Motors' new interim CEO and former Southwestern Bell exec, Ed Whitacre. Says Cramer of Ed, "He was fierce and proud and was going to do whatever was necessary to rebuild the greatness of this once amazing company." Sounds good to us. Especially if Mr. Whitacre applies that devil-may-care acumen to doing-better-but-still-ailing General Motors. GM's problem is, for every Cadillac CTS-V, there's a Chevrolet Aveo.

Put another way, for every Ed Whitacre, there's a Fritz Henderson. Or ten. Still, if Jim Cramer is to be believed, Whitacre is an "assassin of the bad." Unions? Watch your butts, as "he's going to take it to them." Senior management might even be in worse trouble, as Cramer says, "He doesn't need you. He likes to run the place with a shoestring administration." Again, we hope Cramer's right. But we also know that those ten Fritz Hendersons are dug into GM's corporate structure like Alabama ticks.

[Source: Blogging Stocks | Image: Rusty Jarrett/Getty]

Mad Money host Jim Cramer calls Whitacre 'assassin of the bad' originally appeared on Autoblog on Wed, 09 Dec 2009 08:01:00 EST. Please see our terms for use of feeds.

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REPORT: Spencer Stuart tasked with finding new GM CEO

Jonathon Ramsey — Tue, 08 Dec 2009 16:20:00 EST

Filed under: Hirings/Firings/Layoffs, GM

Headhunting firm Spencer Stuart is without doubt on the speed-dial lists of bailed-out firms, having placed chairmen, CEOs, Chrysler Group LLC, and board members for AIG, Citigroup Inc., Freddie Mac, Fannie Mae, and GMAC. Then they flew over General Motors so that Ed Whitacre, Jr. could heli-drop in. Now, The Wall Street Journal is reporting that GM has chosen Spencer Stuart to assist it in locating a permanent CEO to take up the position from Whitacre.

GM's list of requirements makes it clear they're looking for someone bionic, having "extensive global, manufacturing and turnaround experience." The new person should also have solid credentials working with Asia, since GM believes it will move more metal over there than in the U.S. next year, and the prospective bigwig doesn't need to come from within the auto industry'sranks.

No national preference has been put forth for the new CEO, only that he or she be "global minded." Perhaps the most important proven attribute they can bring: the ability to restore morale. It's an impressive list, but that's frankly the kind of CEO we would expect GM to require anyway, regardless of its economic and market position. And it does kind of make us wonder if Alan Mulally could simultaneously run two carmakers...

[Source: The Wall Street Journal]

REPORT: Spencer Stuart tasked with finding new GM CEO originally appeared on Autoblog on Tue, 08 Dec 2009 16:20:00 EST. Please see our terms for use of feeds.

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REPORT: GM selling control of Chinese joint venture to SAIC, half of India operations

Chris Shunk — Fri, 04 Dec 2009 09:00:00 EST

Filed under: China, GM, Earnings/Financials

It has been a busy week at General Motors. The week started off with CEO Fritz Henderson's abrupt resignation, then executives converged on the LA Auto Show where Bob Lutz was the keynote speaker and then the U.S. market Chevy Cruze was revealed. Now, the General is reportedly deep in negotiations halfway around the world with its Chinese partner, SAIC, to sell its partnership stake in what is now the largest auto market in the world.

Here is how the deal will reportedly break down: According to Reuters, GM will give SAIC a scant one percent of its interest in the China venture and 50% of GM's India operations. In exchange, the General would receive what amounts to about 20% of the value of the China venture. Sounds like a pretty sweet deal considering the fact that GM isn't exactly a big player in the Indian market - but there is a very big downside. If GM cedes one percent of its joint venture with SAIC, then the Detroit, MI-based automaker would no longer control its China operations. The rumored deal will contain a proviso that the General can later buy back its lost percentage for a "premium price." That sounds a little like GM just got a loan from SAIC and put up one percent of its ownership as collateral.

While GM currently has over $40 billion in its cash coffers courtesy of its recent bailout and bankruptcy, The General is in a big hurry to pay back the money it owes the government. It also has to contend with what is still a very soft auto market - not to mention Opel restructuring costs that could tally $5 billion or more. But China is also a monster part of GM's business plan, so any money gained from this deal could come at an even greater cost. We have to wonder if this deal had anything to do with Mr. Henderson's abrupt exit stage left...

[Source: Reuters]

REPORT: GM selling control of Chinese joint venture to SAIC, half of India operations originally appeared on Autoblog on Fri, 04 Dec 2009 09:00:00 EST. Please see our terms for use of feeds.

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Merbanco out, Spyker in as Saab bidding heats up. Was Fritz axed because he wanted Saab closed?

Chris Paukert — Wed, 02 Dec 2009 12:01:00 EST

Filed under: Europe, Saab, Earnings/Financials, Rumormill

2010 Saab 9-5 - Click above for high-res image gallery

As General Motors suddenly finds itself in search for a new CEO to replace Fritz Henderson, it is also looking to secure a buyer for perennially troubled Saab. GM originally thought it had a new parent for the brand in Koenigsegg, but after that deal went sour, Detroit officials confirmed that it they would give themselves up until the end of the year to find a new buyer instead of simply shutting Saab down.

A number of parties have expressed interest in purchasing the brand since that time, and it has now been confirmed that the Swedish marque has another supercar-building pursuer: Spyker. The Netherlands-based exotic manufacturer has just issued a brief statement confirming that it - along with its shareholders at the Convers Group - has indeed "expressed an interest in Saab Automobile AB" (text available after the jump). Spyker has never been a brand short of ambition (remember its ill-fated Formula One effort?), but taking on Saab would be its most ambitious undertaking yet.

In related news, marque website Saab History is reporting that the US-based Merbanco group has not been chosen by GM as a possible purchaser. According to the SH, Merbanco CEO Christopher Johnston released a statement to the enthusiast group that says:

"As most of you know, we ride with the brand, the fit was good, and were up to the challenges ahead. It is now time for us to depart the field and support the company and its outstanding people.
We are grateful to all of you, fellow Saab enthusiasts and the Saab team for the support you have us. It will never be forgotten. Heartfelt thanks, Ryan and friends for your support."

(Saab History had previously conducted an interview with Johnston, the contents of which you can find here.)

Interestingly, UK buff book Autocar is reporting that yesterday's ousting of Fritz Henderson could stem from the exec's apparent desire to close Saab, a viewpoint that was evidently not shared by the rest of GM's board. We suspect there were a whole host of issues that led to Henderson's resignation, but it's likely that GM's trustees would prefer to offload the brand rather than incur substantial shutdown costs. Call it a "potential contributing factor," if you will.

Either way, do you think Saab will survive this tumult? Drop us a line in 'Comments.'

Gallery: 2010 Saab 9-5

[Sources: Spyker; Saab History; Autocar; Automotive News]

Continue reading Merbanco out, Spyker in as Saab bidding heats up. Was Fritz axed because he wanted Saab closed?

Merbanco out, Spyker in as Saab bidding heats up. Was Fritz axed because he wanted Saab closed? originally appeared on Autoblog on Wed, 02 Dec 2009 12:01:00 EST. Please see our terms for use of feeds.

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BREAKING: GM CEO Fritz Henderson steps down

Jeremy Korzeniewski — Tue, 01 Dec 2009 16:45:00 EST

Filed under: Hirings/Firings/Layoffs, GM

Well, that was quick. Fritz Henderson, the recently appointed CEO of General Motors, is stepping down. Company chairman of the board Ed Whitacre (remember the "Satisfaction Guaranteed" commercials, that's the guy) is set to act as the interim CEO until a permanent replacement is found.

This marks the second CEO that beleaguered automaker General Motors has lost this year, the first being Rick Wagoner, who was asked to resign by the Obama Administration's Task Force for Autos. Over the last few months, deals that GM had made to offload Opel, Saturn and Saab have all fallen through, and some have reported on clashing styles between Whitacre and Henderson.

General Motors has just confirmed the news via a press conference being held as we speak. Stay tuned for more as we learn it.

UPDATE: Official Statement from Ed Whitacre, GM's new interim CEO, added after the jump.

[Source: Free Press, GM | Image: Philippe Lopez/Getty]

Continue reading BREAKING: GM CEO Fritz Henderson steps down

BREAKING: GM CEO Fritz Henderson steps down originally appeared on Autoblog on Tue, 01 Dec 2009 16:45:00 EST. Please see our terms for use of feeds.

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BREAKING: Koenigsegg backs out of Saab purchase, brand future up in the air

Chris Paukert — Tue, 24 Nov 2009 11:27:00 EST

Filed under: Hirings/Firings/Layoffs, Plants/Manufacturing, Saab, Earnings/Financials

2010 Saab 9-5 - Click above for high-res image gallery

After riding in on a white horse, Koenigsegg Group AB has pulled out of negotiations to buy Saab from General Motors, leaving the Swedish automaker's future very much in doubt. In a brief statement issued by GM (available after the jump), president and CEO Fritz Henderson says that the company is "very disappointed with the decision to pull out of the Saab purchase."

It is unclear what will happen to the brand now, but if Saab fans can hold on to any hope, GM says it will "take the next several days to assess the situation and will advise on the next steps next week." It is worth noting that this is different from the brief announcement that GM issued when Roger Penske's group pulled out from buying Saturn - GM immediately announced that they would begin "winding down" the brand. There was at least one other serious bidder interested in purchasing Saab previous to Koenigsegg becoming the preferred purchaser, but it isn't immediately clear if they are still interested, or if their financial backing checked out to begin with.

We suspect that even if Saab is unable to survive as a brand, someone will step in and purchase the assets to the already tooled-up forthcoming 9-5 sedan - perhaps the Chinese - and potentially the newish 9-3/9-3X as well.

Gallery: 2010 Saab 9-5

[Source: General Motors]

Continue reading BREAKING: Koenigsegg backs out of Saab purchase, brand future up in the air

BREAKING: Koenigsegg backs out of Saab purchase, brand future up in the air originally appeared on Autoblog on Tue, 24 Nov 2009 11:27:00 EST. Please see our terms for use of feeds.

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GM loses $1.2B last quarter, ready to start repaying loans

Jonny Lieberman — Mon, 16 Nov 2009 12:32:00 EST

Filed under: Government/Legal, Earnings/Financials

This is one of the trickier press releases we've ever had to parse, but here goes. Despite losing $1.15 billion in the third quarter of 2009, General Motors sees this as a "solid foundation." GM President and CEO Fritz Henderson continues, "With a healthier balance sheet and a competitive cost structure, our focus is on driving top line performance. We'll achieve that by winning customers over, one at a time, with vehicles that deliver performance and value."

How can he say any of that? Despite the loss, revenue for the entire quarter is up $4.9 billion from Q2. As are sales, up from 62.8 million global sales in Q2 to 67.7 million in Q3. Cash for Clunkers helped boost sales, resulting in such a healthy quarter. But despite a good three months, GM is still saddled with paying out $2.8 billion for Delphi's bankruptcy, $2 billion of "payment term adjustments," $2.5 billion owed to the US and Canadian Governments and another $1 billion in restructuring costs. Bottom line, says Henderson, is, "I've been asked 100 times, 'When are you going to start paying back the taxpayers?' The answer is now." All the sordid details are in the press release below the fold.

[Source: GM | Image Source: Bill Pugliano/Getty]

Continue reading GM loses $1.2B last quarter, ready to start repaying loans

GM loses $1.2B last quarter, ready to start repaying loans originally appeared on Autoblog on Mon, 16 Nov 2009 12:32:00 EST. Please see our terms for use of feeds.

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REPORT: Germany wants GM's plan for Opel - and a billion dollars - "quickly"

Jonathon Ramsey — Thu, 12 Nov 2009 11:28:00 EST

Filed under: Europe, Government/Legal, GM, Opel

General Motors' bouleversement on the sale of its Opel brand has caused the European head of Opel vacate his office, the head of Opel labor to gulp "a bottle of wine" to get over the shock, the German head of state to request "GM to present a reliable plan for Opel quickly," and Germany's economic minister to prod GM to pay back the rest of the €1.5 billion ($2.25B U.S.) bridge loan.

GM's response has been for CEO Fritz Henderson to Germany on an "Opel charm tour," to pay back a portion of the borrowed fund and promise the remaining €600 million by the end of the month, and to declare that it will only need €3.5 billion ($4.5B U.S.) to restructure Opel. GM crows that the amount is "significantly lower than all bids submitted as part of the investor solicitation" and how, in fact, it's less than the €4.5 billion the German government pledged to give Magna in aid (much less Magna's anticipated restructuring costs).

The gap in this scenario: Where did GM get that number? It was rumored that Belgian investment bank RHJ was only looking to hold on to Opel for a turnaround sale to GM, which would seem to indicate they weren't going to spend a ton of money on restructuring, and even its final bid was more than €3.5 billion. Moody's predicts GM will actually need €5.8 billion ($8.5B USD) to turn Opel fully around. Nevertheless, some see this as a good thing. For us, the only conclusion we can come to is the same one we've been held at for six months: a lot of questions still need answering.

[Source: Automotive News, sub req'd | Source Image: Warner Bros.]

REPORT: Germany wants GM's plan for Opel - and a billion dollars - "quickly" originally appeared on Autoblog on Thu, 12 Nov 2009 11:28:00 EST. Please see our terms for use of feeds.

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REPORT: Fritz says GM doesn't need any further aid from Washington

Jonathon Ramsey — Fri, 30 Oct 2009 17:29:00 EST

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

Fritz Henderson went to Washington to have a word the folks who wrote the $50 billion check to keep General Motors alive. While there, he answered a few questions put forth from The Washington Post about that investment and the "new" company created with it. His answers are sound, but qualified and a bit vague - that's to be expected, since the economic storm isn't anywhere close to being over.

On the subject of money, he said that "any reasonable planning scenario" they've looked at doesn't involve the government writing any more checks, and when it comes to payback, "If we get our job done, I think the government has an excellent chance of getting a return on its investment." That could all be read as a way of saying "We have no clue what's going to happen." But four months into his job is too soon for Henderson to be making promises for years out, so at the very least, we'll see what GM's next round of cars is like before we dissect his veracity.

On other scores, Henderson praised the UAW, kicked hydrogen cars in the doors, estimated that the Chevrolet Volt will come in at $40K, and he also said electric cars need a lot more investment from other sources for prices to come down. Click the link for the rest of The Generalissimo's words. Hat tip to Serge!

[Source: The Washington Post] | Image: Philippe Lopez/Getty]

REPORT: Fritz says GM doesn't need any further aid from Washington originally appeared on Autoblog on Fri, 30 Oct 2009 17:29:00 EST. Please see our terms for use of feeds.

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REPORT: One week after announcing GM departure, Mark LaNeve surfaces at Allstate

Chris Shunk — Tue, 13 Oct 2009 10:00:00 EST

Filed under: Hirings/Firings/Layoffs, Marketing/Advertising, GM

When word got out that Mark LaNeve (right) was leaving General Motors effective October 15, we weren't at all sure where the soon-to-be-former exec was heading. The Wall Street Journal has finally let the cat out of the bag, reporting that LaNeve is leaving the auto business for a marketing gig at Allstate. LaNeve will sign on as the overseer of all marketing initiatives including brand stewardship, strategy and advertising, reporting only to CEO Thomas Wilson.

LaNeve leaves GM after five years as vice president of marketing and advertising. LaNeve was usurped by the General's own Bob Lutz, who semi-retired in April only to come back a couple months later to help strengthen the company's marketing and advertising initiatives. He is is being replaced as vice-president of U.S. sales by former Buick-GMC boss Susan Docherty.

While his new post at Allstate may not be as glamorous a job as being a VP at a major automaker, the insurer has recently made some hefty profits. The WSJ says Allstate raked in big bucks in the second quarter, after earlier getting hit hard by the economic downturn. In other words, LaNeve's company car perks might not be as generous, but he appears to be in Good Hands.

[Source: The Wall Street Journal | Image: Bill Pugliano/Getty]

REPORT: One week after announcing GM departure, Mark LaNeve surfaces at Allstate originally appeared on Autoblog on Tue, 13 Oct 2009 10:00:00 EST. Please see our terms for use of feeds.

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Cadillac kicks current ad agency to the curb, seeking new suitors

Jonathon Ramsey — Mon, 12 Oct 2009 09:27:00 EST

Filed under: Marketing/Advertising, Videos, Cadillac, GM

Click above to view Modernista's Cadillac commercials after the jump

It was three years ago that Cadillac switched to ad agency Modernista!, and one year leater it rolled out its "Life. Liberty. And the Pursuit." campaign. In a four-sentence statement put out by Cadillac General Manager Bryan Nesbitt, the brand is looking for a new agency and Modernista! "has elected not to participate" in the search.

There have been various reasons given for the split. An agency rep said it was down to "creative and strategic differences." Another report said it was about fees and Cadillac not being able to stick with a small independent, versus going with a shop under the same corporate umbrella as GM's other ad agencies. And Fritz Henderson said "We think we can do better."

Cadillac did well enough with the Kate Walsh ads, and its Reignition spot created the kind of anticipation the brand sorely needs. We look forward to seeing what kind of "better" Henderson and Lutz have in mind. In the meantime, follow the jump to check out some memorable Caddy ads from Modernista and a spot from the campaign before, "Breakthrough."

[Source: GM]

Continue reading Cadillac kicks current ad agency to the curb, seeking new suitors

Cadillac kicks current ad agency to the curb, seeking new suitors originally appeared on Autoblog on Mon, 12 Oct 2009 09:27:00 EST. Please see our terms for use of feeds.

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REPORT: GM's CFO Ray Young likely to resign

Chris Shunk — Wed, 09 Sep 2009 18:01:00 EST

Filed under: Government/Legal, GM

The last two chief financial officers at General Motors, Rick Wagoner and Fritz Henderson, eventually became CEO. Ray Young, who has been CFO at the General for less than a year and a half, likely won't make it to the top. The Detroit News reports that Young is going to resign his post as CFO in the weeks ahead, and he may be only one of a few departures among senior GM brass.

The new GM board is meeting today to discuss and evaluate top management at the General, and Detroit News' sources say that Young, the GM finance department and President Obama's auto Task Force clashed on a few occasions during bankruptcy proceedings. The DN points out one instance when, in a June 2 press conference, Young said that the company would not disclose financial info post bankruptcy, as it would in effect be a private company. Predictably, that didn't play well with the public tax payers who in effect bailed out the embattled automaker. The next day, GM announced that it would give regular updates on its financial status.

Some are speculating that CEO Fritz Henderson will also be under the microscope during the Wednesday board review. In August, Bloomberg reported that Obama Task Force lead Ron Bloom reportedly gave Henderson a 60% chance of leading a GM turnaround, which isn't exactly a vote of confidence. We're guessing that it wouldn't look good for the Task Force or the new GM board to ditch another CEO just five months after getting rid of Wagoner, though, so removing the fledgling CEO is probably unlikely at this point.

[Source: Detroit News | Image Source: Stan Honda/AFP/Getty]

REPORT: GM's CFO Ray Young likely to resign originally appeared on Autoblog on Wed, 09 Sep 2009 18:01:00 EST. Please see our terms for use of feeds.

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GM announces... 2011 Chevrolet Volt will get 230 mpg city!

Sam Abuelsamid — Tue, 11 Aug 2009 08:23:00 EST

Filed under: Hybrid, Sedan, Government/Legal, Chevrolet, GM, Electric

In case you missed it this morning, General Motors CEO Fritz Henderson made some big news just one month after the "new" GM emerged from bankruptcy protection.

First of all, Henderson announced that the GM FastLane blog would now be used to solicit feedback on new designs directly from customers. Over the next two years, GM will be launching 25 new models in its four remaining "core" brands (Chevrolet, Cadillac, Buick and GMC).

After the webcast ends, we'll going over to the design dome for a preview of the new large XTS and small ATS models from Cadillac. The latter will slot in below the CTS and be aimed directly at the BMW 3-series with rear- and all-wheel drive. The XTS is expected to be based on a stretched Epsilon II platform.

The biggest bombshell is Henderson's announcement that the "230" marketing campaign floating around for the past week is related to the 2011 Chevrolet Volt. The EPA has released a new methodology for determining a draft fuel economy standard for extended-range EVs like the Volt, and under this new procedure, the Volt will have a composite urban fuel economy rating of 230 mpg! On the electric side, the Volt will consume 25 kW-hours per 100 miles. That makes the Volt the first car ever to get a triple digit fuel economy rating.

According to Frank Weber, vehicle chief engineer for the Volt, the number is based on combined electric only driving and charge sustaining mode with the engine running. He declined to get specific about the proportions, but did say that the urban cycle would be predominantly EV only. The EPA has been studying real world vehicle usage and is developing the formulas to try and provide a representative number of what most customers could expect to achieve. In addition to the composite number, the new EPA stickers will likely also get numbers for mileage in charge sustaining mode and electric efficiency in EV mode.

Stay tuned for more news from this morning's event as it happens.

Gallery: 2011 Chevy Volt

[Source: General Motors]

GM announces... 2011 Chevrolet Volt will get 230 mpg city! originally appeared on Autoblog on Tue, 11 Aug 2009 08:23:00 EST. Please see our terms for use of feeds.

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Live Webcast: General Motors product and technology update at 8AM Eastern

Sam Abuelsamid — Tue, 11 Aug 2009 07:22:00 EST

Filed under: GM

Follow the jump to watch Fritz Henderson's GM product and tech update at 8AM Eastern

General Motors CEO Fritz Henderson will make a presentation this morning at 8:00 AM EDT from the GM Tech Center in Warren MI. One month after exiting bankruptcy, Henderson will update the media on GM's progress so far, as well as make some product announcements, which were previewed yesteday during a similar presentation to social media users as part of a deftly-executed viral campaign. Among the announcements expected today is Chevy Volt-related news that formally explains the cryptic "230" hint discussed last week. Bloomberg reports this morning that the number represents the Volt's EPA city fuel economy rating-- as in 230 mpg. We'll be on hand in Warren for the briefing, and you can watch the announcement live yourselves via webcast at 8AM Eastern after the jump.

[Source: General Motors]

Continue reading Live Webcast: General Motors product and technology update at 8AM Eastern

Live Webcast: General Motors product and technology update at 8AM Eastern originally appeared on Autoblog on Tue, 11 Aug 2009 07:22:00 EST. Please see our terms for use of feeds.

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GM Re:invention launches Tell Fritz campaign [w/VIDEO]

Jonathon Ramsey — Wed, 22 Jul 2009 16:00:00 EST

Filed under: Etc., Marketing/Advertising, Videos

Tell Fritz - Click above to watch video

General Motors continues to enlarge its direct dialogue with the public with a new feature called "Tell Fritz." This is where you, Jon and Jane Q. Public, can send a question to The General's CEO and might possibly get it answered.

We applaud GM's commitment to dialogue, which isn't new. However, the first Q&A video didn't give us much to root for when it came to the dialogue itself. Asked why it took 20 years of declining market share and bankruptcy to revamp the way GM does business, Henderson talks about how competitive and difficult things have been for everyone and then jumps to the plan moving forward because "it's important not to dwell on" the past.

In doing so, he completely avoids answering the question, which makes us wonder why that question was chosen. The site is taking questions now, so feel free to submit your query or concern and Henderson has said he'll respond to what he can. In the future, though, we hope that whichever questions Henderson chooses to answer, he answers them completely. Follow the jump to watch the first video in the series.

[Source: General Motors]

Continue reading GM Re:invention launches Tell Fritz campaign [w/VIDEO]

GM Re:invention launches Tell Fritz campaign [w/VIDEO] originally appeared on Autoblog on Wed, 22 Jul 2009 16:00:00 EST. Please see our terms for use of feeds.

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Fritz Henderson to Autoblog: Chevy Caprice is being looked at as "police application"

Sam Abuelsamid — Wed, 15 Jul 2009 09:28:00 EST

Filed under: Sedan, Chevrolet, Pontiac, Police/Emergency

Ever since General Motors announced this spring that it was killing the Pontiac brand as part of its restructuring, fans of the Holden-developed G8 sedan have been clamoring to save it as a Chevrolet. After company officials repeatedly said over the past two months that no such thing would happen, Bob Lutz re-lit the fire last week in one of his first pronouncements after un-retiring. Lutz proclaimed that the G8 would indeed become a new Chevrolet Caprice.

During our first drive of the new Buick LaCrosse this week, we had the opportunity on one of the legs to ride with GM CEO Fritz Henderson, and we pressed him for more details on the Caprice plan. Unfortunately it turns out Henderson brought his portable fire extinguisher with him, telling us:

We've been looking at it for police applications. As for whether or not it's broader than police applications, I am not a believer in re-branding and re-badging. We've been talking about in terms of potential police applications and we'll leave it at that."

Henderson also threw a soaking wet blanket on the idea of adding production to Oshawa alongside the Camaro, saying that the cars will continue to be sourced from Australia. So, for the moment, it looks like Zeta sedan fans will probably have to be content with taking a Blues Brothers approach to the problem: Buying their next car as a decommissioned black-and-white.

[Image: GoAuto]

Fritz Henderson to Autoblog: Chevy Caprice is being looked at as "police application" originally appeared on Autoblog on Wed, 15 Jul 2009 09:28:00 EST. Please see our terms for use of feeds.

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Henderson: GM to experiment selling cars through eBay Motors

Chris Paukert — Fri, 10 Jul 2009 10:58:00 EST

Filed under: Car Buying, Auctions, Marketing/Advertising, GM

As part of its post-bankruptcy rebirth, General Motors plans to "experiment" selling its cars on eBay. At its press conference this morning, CEO Fritz Henderson let slip to members of the media that the automaker is engaged in talks with online auction site eBay "to revolutionize how people buy cars online." According to Henderson, GM has plans to try selling its vehicles online:

"Customers will be able to bid on actual vehicles just like they do in an eBay auction, including the option of choosing a predetermined 'Buy It Now' price... we'll be testing this and other ideas with our dealers over the next few weeks, and hope to expand and build upon them in the coming months... in all cases, our goal is to make the shopping and buying process as easy as possible for GM customers - on their time and their terms. Stay tuned."

Many individual GM dealers already use the auction powerhouse to sell vehicles, so the move isn't completely uncharted territory, but it isn't immediately clear how (or if) the automaker plans to integrate its dealer body within this process. Henderson was quick to reinforce that the company's plans with eBay are just an experiment, so as the CEO says... stay tuned.

Henderson: GM to experiment selling cars through eBay Motors originally appeared on Autoblog on Fri, 10 Jul 2009 10:58:00 EST. Please see our terms for use of feeds.

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BREAKING: New GM drives out of bankruptcy this morning [*UPDATED]

Chris Shunk — Fri, 10 Jul 2009 08:50:00 EST

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

After a scant six weeks in bankruptcy court, General Motors is on its way out of Chapter 11. U.S. Bankruptcy Court Judge Robert Gerber approved the sale of GM's good assets to a new company lead by the U.S. and Canadian governments and the UAW healthcare fund, but gave vested parties four days to file an objection.

After two requests for a stay were denied on Tuesday and an accident victim's request was denied at the last minute on Thursday, all signs point to an exit from bankruptcy within a few days, and this morning, word from the Detroit News is that the company officially emerged from Chapter 11 at 6:30am this morning. CEO Fritz Henderson has called a 9 am press conference this morning, and one can only assume that he will declare the birth of "New GM."

GM has received $50 billion from the US government to keep the mega-corporation out of liquidation. For its troubles, Uncle Sam will receive a 60% stake in the new company. Canada, which pitched in $9 billion, will be 11.7% owners, while the UAW will receive 17.6%. Old GM will receive 10% of the new company to help creditors recoup some money. The "New GM" will be smaller in almost every way, with four fewer brands, a smaller presence in Europe, fewer employees, and a markedly more attractive balance sheet.

[Sources: The Detroit News; AFP | Image Source: Bill Pugliano/Getty]

*UPDATE: Official press verbiage added after the jump, click here to watch GM's live 9am press conference.

Continue reading BREAKING: New GM drives out of bankruptcy this morning [*UPDATED]

BREAKING: New GM drives out of bankruptcy this morning [*UPDATED] originally appeared on Autoblog on Fri, 10 Jul 2009 08:50:00 EST. Please see our terms for use of feeds.

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One Last Time: Henderson slams door on Pontiac G8 revival

Alex Nunez — Tue, 16 Jun 2009 18:59:00 EST

Filed under: Sedan, Performance

Middle East-market Chevy Lumina SS - Click above for high-res gallery

General Motors CEO Fritz Henderson held a web chat with journalists earlier today over at the automaker's Fastlane Blog. (Full transcript available here.) Now, despite persistent rumors to the contrary, it's been reported a few times over that GM has no intention of resurrecting the Aussie-built Pontiac G8 under a different division, even though variants of the G8's Holden Commodore source material are sold in foreign markets under both the Chevrolet and Buick nameplates. This is a lamentable course of action, to say the least, because the G8 is a really good car. In particular, the G8 GT and GXP models are downright excellent. Towards the end of the web proceedings, AutoWeek's Greg Migliore went to the well one last time on behalf of enthusiasts everywhere, asking Henderson if the G8 has any future under one of the "new" GM's remaining brands.

14:45 [Comment From Greg Migliore--AutoWeek]
Does the Pontiac G8 have any kind of future within General Motors as a re-badged model? What kinds of changes would need to be made to the car for it to be sold under another brand?

14:45 Fritz Henderson: I am not a fan of rebadging.

That's a terse, disappointing, answer - especially considering that of GM's four remaining divisions, GMC is made up almost exclusively of warmed-over Chevrolets. R.I.P. Pontiac G8. (Or new Chevy Impala. Or Buick Park Avenue...)

Gallery: 2009 Chevy Lumina SS (Middle East)

[Source: G M Fastlane via Motor Trend]

One Last Time: Henderson slams door on Pontiac G8 revival originally appeared on Autoblog on Tue, 16 Jun 2009 18:59:00 EST. Please see our terms for use of feeds.

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