GM board speeds up release of new cars

• Source: Global Times
• [15:39 August 06 2009]
• Comments

GM's Board Chairman Edward Whitacre

General Motors Co. is accelerating the release of its new cars, Board Chairman Edward Whitacre Jr. said Wednesday in a conference call with reporters, adding that the company was placing more emphasis on fuel efficiency and other areas. He didn’t reveal the exact vehicle type that will be unveiled first.

The new 13-member board of GM has been playing a more important role in decision-making, and ordered management to push the production of new vehicles at its first meeting.

"There were some changes made. This board's going to be very active," said Whitacre. "We're charged with doing well for the stockholders."

GM will continue research on the Chevrolet Volt rechargeable electric car, he said. With its small internal combustion engine on board to generate electricity, the car can go 40 miles (65 kilometers) on a single charge from a home electrical outlet. Although the Obama administration's auto task force was not optimistic about its profitability, Whitacre still named the Volt a "leap in technology" and is due to be rolled out late next year.

Whitacre believed that the US needs to move toward electric vehicles. "I think it will be very successful," he said. "We're certainly going that direction of more efficient models. We're looking at reliability. We're looking at efficiency. We certainly will make a major thrust in that direction, but that's not the only direction we're going."

GM will soon be profitable, he added, despite the fact that the company ended July with 18.9 percent of the US market, down from 20.5 percent a year ago and the carmaker shed four brands, Pontiac, Saturn, Hummer and Saab.

"It's a complicated financial situation at this point in time, "he said. "We have an aim for when we'll cross that line. We think it's possible. Time will tell." Whitacre also predicted that its US market share would be 19.5 percent this year, 18.9 percent next year and 18.6 percent in 2011.

Agencies and Wang Lei contributed to this story