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Our relationship is strong, and we look forward to our continued partnership. This transaction will allow us to preserve our business relationship, while further building up GM's already significant liquidity position during this critical phase of our turnaround. - Rick Wagoner Quotes

Our relationship is strong, and we look forward to our continued partnership. This transaction will allow us to preserve our business relationship, while further building up GM's already significant liquidity position during this critical phase of our turnaround.

[DETROIT - General Motors Corp. chairman and CEO Rick Wagoner said Tuesday that the automaker's turnaround plan for its North American division is on track, but he wouldn't update the company's earnings forecast. GM withdrew its earnings guidance in April after it lost $1.1 billion in the first quarter. Wagoner noted that the company had previously estimated earnings of $4 to $5 a share for the year.] We will not meet that, ... North America is missing, and missing badly. - Rick Wagoner Quotes

[DETROIT - General Motors Corp. chairman and CEO Rick Wagoner said Tuesday that the automaker's turnaround plan for its North American division is on track, but he wouldn't update the company's earnings forecast. GM withdrew its earnings guidance in April after it lost $1.1 billion in the first quarter. Wagoner noted that the company had previously estimated earnings of $4 to $5 a share for the year.] We will not meet that, ... North America is missing, and missing badly.

It's one factor that's important in our overall cost competitiveness. I can't tell you it's the only or the primary thing for us, - Rick Wagoner Quotes

It's one factor that's important in our overall cost competitiveness. I can't tell you it's the only or the primary thing for us,

Competitiveness

Despite some speculation to the contrary, we at GM are still moving. In fact, we're taking some big steps to get moving fast in the right direction. - Rick Wagoner Quotes

Despite some speculation to the contrary, we at GM are still moving. In fact, we're taking some big steps to get moving fast in the right direction.

We are very pleased with the market's reaction to our launch products. In the first three months of the year, our new products accounted for about 30 per cent of our total sales ? more than double where we were a couple of years ago. - Rick Wagoner Quotes

We are very pleased with the market's reaction to our launch products. In the first three months of the year, our new products accounted for about 30 per cent of our total sales ? more than double where we were a couple of years ago.

If all you do is read the headlines, you may not have as constructive a view of the outlook as we believe you could have. - Rick Wagoner Quotes

If all you do is read the headlines, you may not have as constructive a view of the outlook as we believe you could have.

The industry sales mix is shifting away from the larger, higher-profit vehicles, even pickups, ... reflects too much reliance on those products for profitability. - Rick Wagoner Quotes

The industry sales mix is shifting away from the larger, higher-profit vehicles, even pickups, ... reflects too much reliance on those products for profitability.

If I look at our priority list on the things we need to do to get cost-competitive, wage rates are nowhere near the top for us. We have a far greater burden in legacy costs, in flexibility of using our work force, in jobs banks than we do in wage rates. - Rick Wagoner Quotes

If I look at our priority list on the things we need to do to get cost-competitive, wage rates are nowhere near the top for us. We have a far greater burden in legacy costs, in flexibility of using our work force, in jobs banks than we do in wage rates.

Over the last nine months we have been aggressively implementing our North American turnaround plan. - Rick Wagoner Quotes

Over the last nine months we have been aggressively implementing our North American turnaround plan.

It was a year in which two significant fundamental weaknesses in our North American operations were fully exposed - our huge legacy cost burden and our inability to adjust structural costs in line with revenue. - Rick Wagoner Quotes

It was a year in which two significant fundamental weaknesses in our North American operations were fully exposed - our huge legacy cost burden and our inability to adjust structural costs in line with revenue.

As we look at the responsibilities we have to a broad range of constituents, as we look at what we need to do to make the business successful, as we look at our businesses around the world, we think there are significant costs to bankruptcy. We don't think it's a good option. - Rick Wagoner Quotes

As we look at the responsibilities we have to a broad range of constituents, as we look at what we need to do to make the business successful, as we look at our businesses around the world, we think there are significant costs to bankruptcy. We don't think it's a good option.

The first quarter represented an important milestone in GM and GM North America's turnaround. - Rick Wagoner Quotes

The first quarter represented an important milestone in GM and GM North America's turnaround.

We've been able to use NAFTA. We import a lot more products to fill niches. We don't have to assemble them locally. We've consolidated a lot around pickup trucks. Rather than build everything to sell in Mexico, you can ship finished products back and forth. You get the production efficiencies of scale. - Rick Wagoner Quotes

We've been able to use NAFTA. We import a lot more products to fill niches. We don't have to assemble them locally. We've consolidated a lot around pickup trucks. Rather than build everything to sell in Mexico, you can ship finished products back and forth. You get the production efficiencies of scale.

We've got to move more quickly in addressing these challenging, chronic structural-cost issues, - Rick Wagoner Quotes

We've got to move more quickly in addressing these challenging, chronic structural-cost issues,

If you laid out the worst-case scenario, it could get very difficult for everybody, - Rick Wagoner Quotes

If you laid out the worst-case scenario, it could get very difficult for everybody,

Frankly, we've done it in the fairest and most cost-effective way we could do it, - Rick Wagoner Quotes

Frankly, we've done it in the fairest and most cost-effective way we could do it,

Cost

These results reinforce the need to step up our efforts to eliminate waste and lower costs, ... The industry continues to venture into new territory -- near-record demand mixed with unprecedented price pressures and intensely strong competition on all fronts. - Rick Wagoner Quotes

These results reinforce the need to step up our efforts to eliminate waste and lower costs, ... The industry continues to venture into new territory -- near-record demand mixed with unprecedented price pressures and intensely strong competition on all fronts.

These negotiations were done in a positive, cooperative, problem-solving spirit, ... While it may have taken some time to reach this cooperative solution, I think it was time well-spent. - Rick Wagoner Quotes

These negotiations were done in a positive, cooperative, problem-solving spirit, ... While it may have taken some time to reach this cooperative solution, I think it was time well-spent.

I was incredibly impressed with his (Lutz's) continuing passion and enthusiasm for cars and trucks and the auto industry in general, - Rick Wagoner Quotes

I was incredibly impressed with his (Lutz's) continuing passion and enthusiasm for cars and trucks and the auto industry in general,

Whoever is ahead in this area can get a big advantage versus the other guys. Just being big isn't enough. We really want to pick up the pace in everything we do in the company. - Rick Wagoner Quotes

Whoever is ahead in this area can get a big advantage versus the other guys. Just being big isn't enough. We really want to pick up the pace in everything we do in the company.

I remember very clearly at the first budget review having a pretty direct conversation with the head of manufacturing... We began to get huge improvements in productivity and responsiveness. I got a chance to see that firsthand. - Rick Wagoner Quotes

I remember very clearly at the first budget review having a pretty direct conversation with the head of manufacturing... We began to get huge improvements in productivity and responsiveness. I got a chance to see that firsthand.

American Businessman Conversation

To make this happen, we need to bring down costs and build the necessary infrastructure -- and the best way to do that is by business and government working together. - Rick Wagoner Quotes

To make this happen, we need to bring down costs and build the necessary infrastructure -- and the best way to do that is by business and government working together.

I think everybody's reeling a little bit about how fast things have moved south, - Rick Wagoner Quotes

I think everybody's reeling a little bit about how fast things have moved south,

That's because a couple products represent a larger percentage of the total at Chrysler than at GM. That can be an advantage and a curse, in terms of sales going up or down based on the results of a couple cars. - Rick Wagoner Quotes

That's because a couple products represent a larger percentage of the total at Chrysler than at GM. That can be an advantage and a curse, in terms of sales going up or down based on the results of a couple cars.

It comes with the turf, though. - Rick Wagoner Quotes

It comes with the turf, though.

It's clear that the U.S. market and economic conditions have become significantly more uncertain. Overall we remain very bullish on the prospects for the auto industry in the U.S. and globally but at this point we are viewing the U.S. economy and auto market environment with considerable caution. - Rick Wagoner Quotes

It's clear that the U.S. market and economic conditions have become significantly more uncertain. Overall we remain very bullish on the prospects for the auto industry in the U.S. and globally but at this point we are viewing the U.S. economy and auto market environment with considerable caution.

It's clear that the U.S. market and economic conditions have become significantly more uncertain. Overall we remain very bullish on the prospects for the auto industry in the U.S. and globally but at this point we are viewing the U.S. economy and auto market environment with considerable caution. - Rick Wagoner Quotes

It's clear that the U.S. market and economic conditions have become significantly more uncertain. Overall we remain very bullish on the prospects for the auto industry in the U.S. and globally but at this point we are viewing the U.S. economy and auto market environment with considerable caution.

I've taken a significant pay cut this year, ... I think I'll have a 50 percent pay cut. - Rick Wagoner Quotes

I've taken a significant pay cut this year, ... I think I'll have a 50 percent pay cut.

I'm not sure we think it's a win to talk about what you're taking out. - Rick Wagoner Quotes

I'm not sure we think it's a win to talk about what you're taking out.

American Businessman

There was an almost an 80% decline one year from 640,000 vehicles to 200,000, and now it's grown back. Our share has grown a lot. - Rick Wagoner Quotes

There was an almost an 80% decline one year from 640,000 vehicles to 200,000, and now it's grown back. Our share has grown a lot.

American Businessman

We no longer take it for granted that we can't be the most productive manufacturer. That's the way it used to be in the 1950s and l960s. We need to get back to that, as one element of a strong position in this excess capacity world that we're going to be in. - Rick Wagoner Quotes

We no longer take it for granted that we can't be the most productive manufacturer. That's the way it used to be in the 1950s and l960s. We need to get back to that, as one element of a strong position in this excess capacity world that we're going to be in.

All of our business units except GM North America are on or above track, and that has the extreme attention of us all. Progress is moving in the right direction ... but we still have more work to do. - Rick Wagoner Quotes

All of our business units except GM North America are on or above track, and that has the extreme attention of us all. Progress is moving in the right direction ... but we still have more work to do.

We are viewing the U.S. economic and auto market environment with considerable caution, ... That, combined with our poor business results in the first three quarters this year, really highlight that we are at a critical juncture in our company's history. And so we are accelerating the pace and scope of our turnaround actions. - Rick Wagoner Quotes

We are viewing the U.S. economic and auto market environment with considerable caution, ... That, combined with our poor business results in the first three quarters this year, really highlight that we are at a critical juncture in our company's history. And so we are accelerating the pace and scope of our turnaround actions.

We are confronting a dramatic change in our industry and in the global competitive environment, and that requires us to look for additional ways to reduce financial risk and improve our competitiveness for the long term. - Rick Wagoner Quotes

We are confronting a dramatic change in our industry and in the global competitive environment, and that requires us to look for additional ways to reduce financial risk and improve our competitiveness for the long term.

The decisions we are announcing today were very difficult to reach because of their impact on our employees and the communities where we live and work. But these actions are necessary for G.M. to get its costs in line with our major global competitors. - Rick Wagoner Quotes

The decisions we are announcing today were very difficult to reach because of their impact on our employees and the communities where we live and work. But these actions are necessary for G.M. to get its costs in line with our major global competitors.

These are difficult decisions that involve sacrifices by our employees, stockholders, retirees and the senior leadership team. - Rick Wagoner Quotes

These are difficult decisions that involve sacrifices by our employees, stockholders, retirees and the senior leadership team.

I'm like Sergeant Schultz, I know nothing. We are trying to share ideas around the world. We don't just come up with a great idea in Brazil and ignore it in the rest of the world. - Rick Wagoner Quotes

I'm like Sergeant Schultz, I know nothing. We are trying to share ideas around the world. We don't just come up with a great idea in Brazil and ignore it in the rest of the world.

American Businessman Ideas

Most of the model consolidation we've done is behind us. There will be some fine tuning. - Rick Wagoner Quotes

Most of the model consolidation we've done is behind us. There will be some fine tuning.

American Businessman

There's been a consistency of approach and a consistency of execution. Moving to a common system and common metrics has really helped us. - Rick Wagoner Quotes

There's been a consistency of approach and a consistency of execution. Moving to a common system and common metrics has really helped us.

American Businessman Consistency

History shows you don't know what the future brings. - Rick Wagoner Quotes

History shows you don't know what the future brings.

American Businessman Future

I think it's going to be silly not to take the competitive threat seriously. If we haven't learned any lessons from Japan and Korea, we deserve the things that befall us, ... On the flip side, the growth in China continues to be so strong that our guess is that most of the capacity in China will be used to meet Chinese needs. - Rick Wagoner Quotes

I think it's going to be silly not to take the competitive threat seriously. If we haven't learned any lessons from Japan and Korea, we deserve the things that befall us, ... On the flip side, the growth in China continues to be so strong that our guess is that most of the capacity in China will be used to meet Chinese needs.

You've got to have a consistent, gradual growth strategy, and I think some basics are going to be required, - Rick Wagoner Quotes

You've got to have a consistent, gradual growth strategy, and I think some basics are going to be required,

Overall economic growth in Europe hasn't been robust and the car market hasn't been robust, - Rick Wagoner Quotes

Overall economic growth in Europe hasn't been robust and the car market hasn't been robust,

We believe by being sensitive to the balancing act these women face each day, we're increasing their commitment to General Motors. It's not only the right thing to do, it's also good business for GM and helps us retain the brightest, most capable workers. - Rick Wagoner Quotes

We believe by being sensitive to the balancing act these women face each day, we're increasing their commitment to General Motors. It's not only the right thing to do, it's also good business for GM and helps us retain the brightest, most capable workers.

We believe in fair exchange rates and Japan doesn't practice that, ... They have massive U.S. dollar reserves, and they use them to intervene regularly. - Rick Wagoner Quotes

We believe in fair exchange rates and Japan doesn't practice that, ... They have massive U.S. dollar reserves, and they use them to intervene regularly.

Health costs in this country are out of control, ... This will significantly improve our overall cost competitiveness ... and will be critical to getting GM North America back to profitability as soon as possible. - Rick Wagoner Quotes

Health costs in this country are out of control, ... This will significantly improve our overall cost competitiveness ... and will be critical to getting GM North America back to profitability as soon as possible.

Health costs in this country are out of control, - Rick Wagoner Quotes

Health costs in this country are out of control,

will reduce the impact of plan changes on affected individuals. - Rick Wagoner Quotes

will reduce the impact of plan changes on affected individuals.

This is a very big step forward that we will build on, ... the single biggest cost reduction that we've probably been able to announce in a single day in the history of G.M. - Rick Wagoner Quotes

This is a very big step forward that we will build on, ... the single biggest cost reduction that we've probably been able to announce in a single day in the history of G.M.

While this sounds like a large number, we recognize that it only goes part of the way we need to go to put GM North America in the fully competitive position that is necessary to maintain and enhance our future viability and growth. - Rick Wagoner Quotes

While this sounds like a large number, we recognize that it only goes part of the way we need to go to put GM North America in the fully competitive position that is necessary to maintain and enhance our future viability and growth.

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