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GM Reports $1.2 Billion in Q2 Profit

Maker cuts losses in European operations by $300 million.

by on Jul.25, 2013

GM reported $1.2 billion in Q2 profits.

General Motors managed to reduce losses stemming from its European operations, however, the Detroit-based automaker still saw its net income drop 20% to $1.2 billion, or 75 cents per share, in the second quarter compared with the year-ago figures.

The earnings are similar to those of Ford, which also reported earnings of $1.2 billion. But the biggest difference is that those results were an 18.5% improvement over the previous year’s results.

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On a positive note, GM’s revenues increased by 3.9% to $39.1 billion and earnings before interest and taxes also increased 7.4% to $2.3 billion.

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GM CEO Tells Shareholders Bailout A Success

Akerson: its clear that loans protected U.S. manufacturing.

by on Jun.06, 2013

General Motors Chairman and CEO Dan Akerson addresses the 2013 General Motors annual meeting.

The facts show the bailout of American automobile industry has been a success, at least according to Dan Akerson, General Motors chairman and chief executive officer, who made the assertion to shareholders at the company’s annual stockholders meeting in Detroit.

“Four years on, it’s pretty hard to argue it wasn’t successful,” he said. “The American public has been well served. All three American companies are profitable and the American manufacturing base is still 50% larger than China’s.”

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Akerson acknowledged the decision to bailout Detroit carmakers was very controversial at the time. However, the decision by “two administrations with very different political perspectives” has proven its worth by helping protect the U.S. manufacturing base during the recession. The bailout also meant the U.S. government didn’t have to cover $26 billion in pension costs connected to the automakers.

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GM Signs “Climate Declaration”

Maker joins VW in addressing issues for climate change.

by on May.03, 2013

GM's rooftop solar array in Baltimore, Md., reflects its commitment to the environment.

General Motors has become the first automaker among 40 major U.S. companies to sign a “Climate Declaration” collectively asserting that responding to climate change is good business.

The campaign is organized by sustainable business advocacy group Ceres, a long-time critic of GM’s environmental positions over the years, and its Business for Innovative Climate & Energy Policy, or BICEP, coalition.

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Signers of the declaration, such as GM, are calling for policymakers to address climate change by promoting clean energy, boosting efficiency and limiting carbon emissions.

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GM Earnings Drop 14 Percent

Detroit-based maker earned $865 million in Q1.

by on May.02, 2013

GM reported net income of $865 million on sales of vehicles like the 2013 Impala.

General Motors Co. reported its net income dropped 14% in the first quarter as special items ate into the company’s net income.

GM said first quarter net income attributable to common stockholders of $865 million, or 58 cents per fully diluted share. These results include a net loss from special items that reduced net income by $0.2 billion, or $0.09 per fully diluted share.

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In the first quarter of 2012, GM’s net income attributable to common stockholders was $1 billion, or 60 cents per share, including a net loss from special items of $0.6 billion or 33 cents per share.

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First C7 Corvette Commands $1.1 Mil for Charity at Barrett-Jackson Auction

GM CEO Akerson's '58 Vette raises another $270,000.

by on Jan.20, 2013

2014 Chevrolet Corvette Stingray #1 drives up on the block at the 2014 Barrett-Jackson Auction. Photo Courtesy Drew Phillips, Autoblog.com

It was a Corvette weekend at the annual Barrett-Jackson, one of the nation’s biggest classic car auctions, as bidders ran up big winning bids for both new and old versions of the 2-seater often referred to as “America’s sports car.”

Less than a week after the all-new, 2014 Chevrolet Corvette – the “C7” to insiders and aficionados – made its splashy debut at the North American International Auto Show in Detroit, NASCAR team owner and Atlanta Chevy dealer Rick Hendrick won the bidding for the Corvette Stingray number one for a bid of $1.1 million.

(Back from the brink – the inside story of the 2014 Chevy Corvette Stingray. Click Here.)

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The money will go to the Detroit-based College for Creative Studies which runs one of the world’s most highly respected automotive design programs – and where several of the stylists who worked on the Corvette program were trained.

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GM CEO Akerson Defends Maker’s Stock, Warns About Economy

Akerson also wants $1 bump in fuel taxes to boost sales of green cars.

by on Jun.07, 2011

GM has grown strong after its post-bankruptcy "rebirth," CEO Dan Akerson told investors.

General Motors Chairman and CEO Dan Akerson told clearly nervous investors that the maker’s stock will recover despite hitting its lowest levels since last November’s initial public offering. The company, he insisted, has grown strong after its bankruptcy-led “rebirth.”

Nonetheless, the executive also acknowledged, during the annual GM shareholder’s meeting, that he is himself concerned about the economy and about the rising U.S. deficit.

Separately, the former Navy officer suggested that it’s time to add another dollar to the federal gasoline excise tax, the increase likely to help spur demand for new green vehicles – such as the maker’s plug-in hybrid Chevrolet Volt.

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After the 2010 IPO, GM shares initially surged from the $33 strike price, some analysts forecasting the maker’s stock could hit $50 a share before leveling off.  But that was before the run-up in fuel prices, and since the stock offering there have been mounting concerns about the deficit and general direction of the U.S. economy.  Add the various factors in and GM stock slumped to $28.56 at Monday’s close, its lowest level since the IPO.

(Those shares have today begun a modest recovery.)

“No one said this was going to be a lay-up. There’s a lot of work to be done,” Akerson said during a discussion with reporters prior to the shareholders meeting. “I own stocks for a long period of time when I believe in their management. … I don’t think these get-rich schemes of buying an IPO company is the best way to invest.”

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GM Plans Additional Volt Variants by 2012 or ’13

by on Jan.11, 2011

Another version of the Chevrolet Volt is due to market in 2012 or '13, says CEO Akerson.

General Motors will rapidly expand its line-up of electric cars, trucks and crossovers, from hybrids to full battery-electric vehicles, says CEO Dan Akerson – including a new version of the Chevrolet Volt that will reach market in the next year or two.

The maker has been “pleased and surprised” by the reception the Volt plug-in hybrid has received – including its being named North American Car of The Year by a panel of 49 U.S. and Canadian journalists.  That latest endorsement came at the opening ceremonies of the Detroit Auto Show.

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In fact, Akerson said the maker is looking for ways to ramp up production of the Volt.  Original plans called for GM to produce just 10,000 of the vehicles in 2010, but recently said that could go as high as 25,000.  Now, the executive said, following a speech at an industry confab, “We think it will be more than that.”

Akerson, a newcomer to the auto industry, was vague when describing the additional version of the Volt, suggesting it will have a crossover-style body – as opposed to the current hatchback – and will “probably” reach market “in the 2012 or ’13 timeframe.”

The Chevy Volt claims North American Car of the Year honors, on Monday.

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CEO Akerson Leaves IPO Shrouded In Secrecy

But maker clearly taking steps towards stock sale.

by on Oct.29, 2010

GM will invest $190 million at the Cadillac plant, in Lansing, Michigan, to launch production of a new small luxury car.

All signs point towards the upcoming General Motors IPO, but the planned General Motors stock offering remains shrouded in secrecy.

Though GM announced plans to reduce its debt by $11 billion on Wednesday (Click Here for more) chief executive Dan Akerson pointedly ducked questions on speculation GM will wrap up its initial public offering of stock by mid-November.

Akerson remained “on message,” as his public relations handlers might have described it, focusing on the announcement of a new Cadillac model and refusing to talk not only about the IPO but also about GM’s third quarter financial report.

Nonetheless, the maker’s anticipated July – September profit, which would be its third quarterly earnings report to show black ink, is widely anticipated to be the finally piece of the jigsaw puzzle that will trigger GM’s long-awaited return as a publicly-traded company.

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Former Obama administration auto czar Steve Rattner, in the midst of a tour to promote his book on last year’s GM and Chrysler bailouts, said recently that he expects GM to launch the IPO on November 17.

“I’m not going to comment on the IPO,” said Akerson, while surrounded by reporters following the announcement GM plans to spend $190 million for new tooling and equipment for a new small car project at the Grand River Assembly plant in Lansing, Michigan.

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GM Needs Years to Repay Taxpayers, Says New CEO

Akerson opens possibility of rewarding UAW workers for help during bankruptcy.

by on Sep.16, 2010

There's a need for speed at General Motors, says new CEO Dan Akerson.

Though General Motors will stage its long-awaited IPO, later this year, don’t expect that to raise enough money to completely repay the roughly $50 billion taxpayers invested in the troubled automaker to pull it out of bankruptcy, cautioned GM’s new chief executive officer.

Though Dan Akerson, who took over as CEO on Sept. 1, declined to directly discuss GM’s upcoming initial public offering he appeared to rule out the possibility that all of the government’s 60.1% stake in the carmaker will be put on the block immediately.

“It is the goal of this company to return that money to taxpayers,” declared Akerson, a graduate of the U.S. Naval Academy.  But he quickly cautioned, “I don’t think that will happen in one fell swoop.”  It will move likely take “a couple of years,” he added.

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A life-long Republican who donated a significant amount of money to the Republican Party during the presidential campaign, in 2008, Akerson nonetheless said he was very appreciative of the GM bailout, which he insisted should not have seen as a “political decision,” but was rather something best viewed as in the best interest of the country.

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“Playboy” to “Leader” – New CEO Akerson at GM

Fourth GM CEO in two years brings very different style to job.

by on Sep.01, 2010

After joining the GM Board following its 2009 bankruptcy, Dan Akerson takes over, today, as its new CEO.

Those who work on the 38th floor of Detroit’s Renaissance Center can be forgiven for feeling like the revolving door has been stuck in overdrive.  The senior management offices for General Motors have seen a steady stream of new faces since the beginning of 2009, virtually every top position having changed – at least once – since the giant automaker began sliding towards bankruptcy.

But nowhere has that change been more apparent – or frequent – than in the top spot, where long-time chief executive Rick Wagoner was fired by the Obama Administration, in March 2009, as part of its $50 billion bailout of the troubled carmaker.  Today, the fourth CEO in barely two years takes the reigns from Ed Whitacre, the lanky Texan and former AT&T Chairman, who announced his sudden departure last month after laying out the plans for GM’s upcoming IPO.

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The new CEO is, to some, an unlikely figure to be running the car company.  A graduate of the U.S. Naval Academy, Dan Akerson is not your classic car guy.  In fact, he’s had no experience at all with the auto industry other than overseeing several companies linked to the car business when Akerson served as managing director of the powerful private equity firm, The Carlyle Group.

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