Lutz says GM bankruptcy "out of the question"

Speaking at the New York Auto Show Wednesday, General Motors' vice chairman in charge of soundbites and global product development, Bob Lutz, said that "Bankruptcy is totally out of the question. We have never contemplated it."
Lutz went on to say that GM's restructuring efforts are "on schedule," and gave a ringing endorsement for CEO Rick Wagoner as "the right man to lead GM and to continue the turnaround."

Peering deeper into his crystal ball, Lutz does not see a Delphi strike in GM's future. He must share that crystal ball with Ford's Mark Fields (see our Wednesday post here), because, like Fields, Lutz also sees a continued decline in U.S. market share for his company. Lutz suggested that GM's market share will stabilize in the low- to mid-20 percent range. (GM's 2005 market share was 26 percent.)

[Source: Reuters]

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