Tag Archives: akerson

GM Earns $4.9 Billion in 2012 down from $7.6 Billion in 2011

General Motors Co. (NYSE: GM) today announced 2012 calendar-year earnings of $4.9 billion, or $2.92 per fully diluted share, down from $7.6 billion, or $4.58 in 2011. The company sold 9.3 million vehicles during the year and the earnings, while positive for the third straight year, were hurt by deepening losses in Europe, which has cost GM -$18 billion since 1999. GM wrote down more than $5 billion in assets in the Eurozone, and it also wrote off more than half the value of its PSA Citroen stock (-$220 million) acquired latest year in what GM said was a collaboration that would, eventually, save billions. North American costs also increased, resulting in flat earnings for GM’s most profitable market. GM did however pick up 4 points of market share in China, the world’s largest auto market. Continue reading

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GM to Invest $600 Million in Fairfax Plant and Keep 4,000 Jobs

Sadly in the current language of multinational corporations operating in the ailing U.S. economy and its largely jobless recovery, the investment will not create any new jobs but keep 4,000. For this taxpayers of Kansas, according to The Kansas City Star approved $120 million in revenue bonds last September to subsidize the new paint shop. Continue reading

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GM CEO Akerson to Auction His 1958 Corvette for Detroit Charity

General Motors Chairman and CEO Dan Akerson plans to auction off his Corvette with proceeds going to Habitat for Humanity Detroit and the rebuilding of the Morningside Commons neighborhood. Continue reading

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GM Europe President, Opel Head Karl Stracke Ousted over Losses

Insiders say that Akerson has told Girsky that it is time to show that Opel can be saved. For an ambitious Girsky who wants to head GM some day, this is a make or break appointment on the GM journey, a road strewn with road kill of former senior GM executives. Continue reading

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Akerson Reorganizing GM Again! Product Development Split. Vice Chairman Stephens Moved to Chief Technology Officer

The new CTO position was said to be a “major element of Akerson’s goal to make the company more customer driven and technology focused.”

However, the previous GM technology position occupied by Larry Burns was in practicality more of academic exercise that produce reams of press releases extolling the virtues of fuel cells and other advanced technologies that had no immediate production prospects, and did not connect GM to customers or advance sales as the company sped toward bankruptcy. Continue reading

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