We're experiencing history folks. General Motors, the largest auto manufacturer and one of the worlds largest corporations has officially filed for bankruptcy in the United States Bankruptcy Court.
We are awaiting a press conference from President Barak Obama regarding GM, and we will bring updates as they become available.
We do know that Chairman Fritz Henderson WILL continue to lead GM through bankruptcy. The fate of Saturn, Hummer and Saab is still up in the air at this point. Going through bankruptcy, GM will carry Chevrolet, Cadillac, Buick, GMC Truck. Hummer, Saturn, Saab and Pontiac will be either phased out or sold.
The New York Stock Exchange was showing GM stock valued at $.75 cents late last night with morning trading showin $.70, though it has steadily gone back up all morning. Currently it is trading at $.98 cents per share.
Showing posts with label Hummer. Show all posts
Showing posts with label Hummer. Show all posts
Monday, June 1, 2009
Sunday, May 31, 2009
General Motors to declare bankruptcy tomorrow
Tomorrow will be a truly sad day for the automobile industry. General Motors, the largest automobile manufacturer in the world, bankrupt. It just doesn't make sense saying it, even though we've been talking about it for months now.
General Motors was once THE company to watch in the industry. You could have said, what General Motors wants is what America wants. Unfortunately that isn't the case any more. Poor management decissions and the inability to keep up with market trends led to yearly losses in the billions of dollars. Couple that with legacy costs, the UAW, and the failure to restructure after government loans to the tune of $20 billion and we're left with the smoldering pile of goo that was once General Motors.
The saddest part is the loss of some great GM brands. We lost Oldsmobile in 2004. Hummer and Saab had been up in the air for the last 6 or so months, Saturn was poisoned by GM management over the last 15 + years. Opel is being divided up. And the biggest blow, Pontiac. Finally when Pontiac is making some great, fun cars they get the rug pulled out from under them.
This leaves GM with just Chevrolet, Cadillac, Buick, and GMC truck. I doubt we'll see the giant of GM that once was in the 1950s and 60s.
Stay tuned for more info as it becomes available.
General Motors was once THE company to watch in the industry. You could have said, what General Motors wants is what America wants. Unfortunately that isn't the case any more. Poor management decissions and the inability to keep up with market trends led to yearly losses in the billions of dollars. Couple that with legacy costs, the UAW, and the failure to restructure after government loans to the tune of $20 billion and we're left with the smoldering pile of goo that was once General Motors.
The saddest part is the loss of some great GM brands. We lost Oldsmobile in 2004. Hummer and Saab had been up in the air for the last 6 or so months, Saturn was poisoned by GM management over the last 15 + years. Opel is being divided up. And the biggest blow, Pontiac. Finally when Pontiac is making some great, fun cars they get the rug pulled out from under them.
This leaves GM with just Chevrolet, Cadillac, Buick, and GMC truck. I doubt we'll see the giant of GM that once was in the 1950s and 60s.
Stay tuned for more info as it becomes available.
Friday, May 15, 2009
GM dealer network update
General Motors is going a different route than Chrysler LLC in regards to their dealer network. Rather than just say adios, you're done. GM is electing to not renew sales and service agreements with 1100 dealers when they come available for renewal in the 4th quarter of 2010.
Dealers targeted were stores that have poor annual sales 35 units or less per year. That makes up 400-500 of the dealers. The rest are not meeting their required sales and service performance, CSI, etc. that are performing below average. These 1100 dealers make up 7% of GMs yearly sales.
There are about 500 dealers who are dedicated to Hummer, Saab & Saturn brands. There will be a further update regarding these brands and those dealers in the next week or so. General Motors North America Vice President Vehicle Sales, Service and Marketing, Mark LaNeve did make it clear that dealers of these three brands "will exist outside of General Motors next year".
It was made clear that without GM filing bankruptcy, that these letters will be hard to enforce. This is why GM is putting the options into the dealers hands to enforce whether to wind down business and close, or find another brand to carry.
GM's intentions are to land somewhere in the neighborhood of 3600-4000 dealerships.
"This is one of the most difficult decissions we have as part of our restructuring" LaNeve said.
Press Release:
In conjunction with conversations General Motors started with its U.S. dealers today, GM issued the following statement -->
GM Statement Regarding Dealer Network Communications
As noted in our recent S-4 filing and updated Viability Plan, General Motors plans to reduce its dealer network from 5,969 stores today to approximately 3,600 by the end of 2010.
This process starts today, as GM begins contacting dealers regarding its long term planning. Approximately 1,100 underperforming and very small sales volume U.S. dealers will be advised that GM does not see them as part of its dealer network on a long-term basis. In most cases, existing franchise agreements run through October of 2010.
In addition, we will be updating about 470 Saturn, HUMMER and Saab dealers on the status of those brands and we will be discussing how the remaining dealers will support our retail plans going forward. While additional cuts will be made, we believe the vast majority, over 90 percent, of the remaining dealers will be offered a chance to remain with GM. However, specific dealer issues, further attrition and additional possible dealer network actions are expected to bring the number of future GM dealers to around 3,600 by the end of 2010, as described in the Plan. The actual number could vary given levels of attrition, etc. outside of GM’s control.
“We have said from the beginning that our dealers are not a problem but an asset for General Motors,” said Mark LaNeve, GM Vice President of Sales Service and Marketing. “However it is imperative that a healthy, viable GM have a healthy, viable dealer body that can not only survive but prosper during cyclical downturns. It is obvious that almost all parts of GM, including the dealer body, must get smaller and more efficient.”
“In response, we are letting them know about our long term plans. GM’s viability plan calls for fewer, stronger brands as well as fewer, stronger dealers. We have taken a very difficult step by identifying those dealerships we’d like to keep in the GM dealer network and those with whom we will have to wind down our business relationships,” LaNeve said.
As independently owned businesses, dealer owners will make their own decisions if and when they want to make this information public. GM is not releasing the names of any dealers.
“We are not terminating any dealerships today,” LaNeve clarified, “We will be talking to all of our dealers over the next few weeks, letting them know now in the spirit of open communication, so they are advised well in advance, about our long-term plans and their role in them. Long term, GM should have fewer, healthier dealers, maintaining GM’s current high customer satisfaction ratings, with more sales per outlet.”
Dealers targeted were stores that have poor annual sales 35 units or less per year. That makes up 400-500 of the dealers. The rest are not meeting their required sales and service performance, CSI, etc. that are performing below average. These 1100 dealers make up 7% of GMs yearly sales.
There are about 500 dealers who are dedicated to Hummer, Saab & Saturn brands. There will be a further update regarding these brands and those dealers in the next week or so. General Motors North America Vice President Vehicle Sales, Service and Marketing, Mark LaNeve did make it clear that dealers of these three brands "will exist outside of General Motors next year".
It was made clear that without GM filing bankruptcy, that these letters will be hard to enforce. This is why GM is putting the options into the dealers hands to enforce whether to wind down business and close, or find another brand to carry.
GM's intentions are to land somewhere in the neighborhood of 3600-4000 dealerships.
"This is one of the most difficult decissions we have as part of our restructuring" LaNeve said.
Press Release:
In conjunction with conversations General Motors started with its U.S. dealers today, GM issued the following statement -->
GM Statement Regarding Dealer Network Communications
As noted in our recent S-4 filing and updated Viability Plan, General Motors plans to reduce its dealer network from 5,969 stores today to approximately 3,600 by the end of 2010.
This process starts today, as GM begins contacting dealers regarding its long term planning. Approximately 1,100 underperforming and very small sales volume U.S. dealers will be advised that GM does not see them as part of its dealer network on a long-term basis. In most cases, existing franchise agreements run through October of 2010.
In addition, we will be updating about 470 Saturn, HUMMER and Saab dealers on the status of those brands and we will be discussing how the remaining dealers will support our retail plans going forward. While additional cuts will be made, we believe the vast majority, over 90 percent, of the remaining dealers will be offered a chance to remain with GM. However, specific dealer issues, further attrition and additional possible dealer network actions are expected to bring the number of future GM dealers to around 3,600 by the end of 2010, as described in the Plan. The actual number could vary given levels of attrition, etc. outside of GM’s control.
“We have said from the beginning that our dealers are not a problem but an asset for General Motors,” said Mark LaNeve, GM Vice President of Sales Service and Marketing. “However it is imperative that a healthy, viable GM have a healthy, viable dealer body that can not only survive but prosper during cyclical downturns. It is obvious that almost all parts of GM, including the dealer body, must get smaller and more efficient.”
“In response, we are letting them know about our long term plans. GM’s viability plan calls for fewer, stronger brands as well as fewer, stronger dealers. We have taken a very difficult step by identifying those dealerships we’d like to keep in the GM dealer network and those with whom we will have to wind down our business relationships,” LaNeve said.
As independently owned businesses, dealer owners will make their own decisions if and when they want to make this information public. GM is not releasing the names of any dealers.
“We are not terminating any dealerships today,” LaNeve clarified, “We will be talking to all of our dealers over the next few weeks, letting them know now in the spirit of open communication, so they are advised well in advance, about our long-term plans and their role in them. Long term, GM should have fewer, healthier dealers, maintaining GM’s current high customer satisfaction ratings, with more sales per outlet.”
Tuesday, June 3, 2008
GM to discontinue Hummer brand? And close more plants
Now surely there a vehicles much more fuel efficient than the Hummer H2 right? Of course. So many in fact that we haven't seen an H2 actually driving on the road in well over 3 weeks. I caught wind of this little quote in an article released by the Associated Press this morning. GM CEO Rick Wagoner has announced the closing of 4 more GM plants in the United States and Mexico.This is in efforts to save GM an additional $1 billion a year by 2010. By 2010 GM is hoping to have cut costs by $15 billion a year. The plants affected are Oshawa, Ontario; Moraine, Ohio; Janesville, Wis.; and Toluca, Mexico. The closing of these plants eliminates 2500 jobs, but in an act of good faith. They can return later this year thanks to 19,000 buyouts and early retirments that will leave towards the end of 2008.
Now what caugt me, was the mention of GM discontinuing the Hummer brand. It's mentioned by GM, but is not quoted anywhere in the article by Rick Wagoner. Of course it's no surprise since gas is nearly $5 a gallon in parts of the country. And the shift to smaller, economical cars is permanent said Wagoner.
But what about Hummer? You'd figure if the CEO actually dropped this bomb in an interview with MSN that there would be a quote in there somewhere outlying the fate of Hummer. So who knows how much truth there is to the article other than the plant closings, confirmation of high gas prices, and yet another confirmation that we'll see the Chevy Volt in 2010. We'll keep following this one til we get some answers. In the meantime, here's the article. Read it and draw your on conclusions as to how AP missed this one.
Source: MSN
Monday, December 10, 2007
Detroit Preview: Hummer HX Concept
Here are some design sketches of the up coming Hummer HX Concept which we will see in Detroit next Month.Three months worth of sketching and sculpting went into this concept before it was given the go ahead by GM Vice Chairman Bob Lutz. The concept is designed with the future of off roading in mind, with a flair for the youth market which loves the Hummer brand. The HX Concept will feature removable body panels and roof, similar to the Jeep Wrangler. And like most of GMs more recent concepts, will be powered by E85 Ethanol FlexFuel.
Should be interesting to see the finished project next month.Source: GM
PRESS RELEASE:
Three Young Designers Shape Future Of HUMMER Through HX Concept
DETROIT – Scheduled for introduction at the 2008 North American International Auto Show, the HUMMER HX concept reflects the innovative minds of three new GM designers - David Rojas, Min Young Kang and Robert Jablonski - whose first assignment was to provide a vision for the future design of off-road vehicles.
Fresh out of the College for Creative Studies in Detroit, Mich., the designers' first test in GM was to design a fun, nimble and innovative HUMMER concept.
"HUMMER appeals to young people globally and served as a perfect first assignment for our newest talent," said Ed Welburn, vice president of global design and product planning. "Today's graduates from top design schools are ready to hit the grou
nd running. The HUMMER design challenge gave our newest designers an opportunity to sprint."
nd running. The HUMMER design challenge gave our newest designers an opportunity to sprint."The task presented numerous challenges to the new designers, from creating a vehicle for a brand known around the globe for its iconic design, to ensuring the model would live up to the market's expectation of HUMMER off-road capability.
To help ensure designs were true to the HUMMER brand, these designers were given limited design direction by Carl Zipfel, an ex-professional motocross racer and director of the HUMMER design studio.
"Carl definitely set the tone," said Rojas. "While he gave us creative liberty and challenged us to develop innovative ideas, he also defined three HUMMER proportions – wheelbase, approach and departure angles, and stance – and assigned one to each of us. It gave us a chance to collaborate, but also take our own direction."
While sketching and sculpting together in the HUMMER studio, these recent graduates drew upon the creative energy of each other, further improving their individual designs, as well as that of the final concept.
While sketching and sculpting together in the HUMMER studio, these recent graduates drew upon the creative energy of each other, further improving their individual designs, as well as that of the final concept.
"We drew inspiration from one another," said Kang. "As you're designing and sketching you try to absorb what the other designer is doing and try to make it better."
David, Min Young and Robert's collaboration inspired the HUMMER HX concept, which presents extraordinary efficiency without sacrificing the unique essence of the HUMMER brand, the world's most capable off-road vehicles.
"While we took inspiration from the HUMMER heritage and DNA, we each wanted to evolve it in a new way," said Jablonski. "We agreed it should be contemporary, compact and definitely open air. It came out great."
After three months of sketching and sculpting theme work for the new HUMMER concept, each designer had the opportunity to present scale clay models to Bob Lutz, GM vice chairman and Ed Welburn, who chose which design would ultimately become the HX concept.
In its final concept form, the E-85 FlexFuel capable HUMMER HX embodies the off road spirit of HUMMER in a fully customizable package. The HX offers an open-air driving experience via a pair of removable roof panels above the driver and front passenger and a modular, removable rear roof assembly enabling a quick conversion from closed vehicle to open vehicle SUT. It also features a slant back assembly with removable doors and fender flairs.
"Working as a team, you realize it's more than one person influencing the vehicle," said Rojas. "You can see the inspiration from each of our designs in the final concept vehicle. We're all proud to have the chance to see our sketches become reality."
Tuesday, October 23, 2007
2008 Hummer H3 Alpha. Finally, V8 power!
Since the introduction of the Hummer H3, there has always been one thing lacking for the performance nuts. A V8 engine. Starting in 2008 the General has given us our wish. A 5.3 Liter V8 will be available in the Alpha edition, which was last seen on the Hummer H1.
The new small-block V8 puts out 295 horsepower and 317 lb-ft of torque, a very welcome increase over the Inline 5's 242 horses and 242 lb-ft of torque. The available V8 gives the small Hummer a maximum towing capacity of 6,000 pounds.
Inside, the H3's interior remains essentially unchanged for 2008. Though it will include an "Alpha" badge on the steering wheel. It's well-appointed to begin with, as the H3 Luxury Package is part of the greater Alpha trim level. Roof rail side curtain airbags, an option on the 2007 H3, is now standard equipment. Like the big brother H2, all 2008 H3s get silver-painted lower front bumpers. The Alpha package can also be combined with the H3X to give the maximum bling H3 the newfound V8 punch as well. Look for the H3 Alpha to hit showrooms soon.
Subscribe to:
Posts (Atom)