General Motors Announces the New Company's July 10-September 30 Preliminary Managerial Results
DETROIT, Nov. 16 /CNW/ --
-- Operating actions result in EBIT loss before special items of $261
million and managerial net loss of $1.2 billion
-- Continued progress on structural cost reductions
-- Healthier balance sheet with significantly lower debt
-- $3.3 billion positive managerial operating cash flow favorably
impacted
by working capital; $42.6 billion third quarter liquidity position
expected to decline materially in the fourth quarter
-- Accelerated plan to repay U.S. and Canadian taxpayers; first $1.2
billion payment in December
General Motors Company (GM) released today preliminary non-GAAP managerial results(1) for its first 83 days of operation, providing an initial look at its financial performance since it began operations as a new company on
"We have significantly more work to do, but today's results provide evidence of the solid foundation we're building for the new GM. With a healthier balance sheet and a competitive cost structure, our focus is on driving top line performance. We'll achieve that by winning customers over, one at a time, with vehicles that deliver performance and value," said GM President and CEO
Preliminary Non-GAAP Managerial Results
"Old GM" GM
July 1-July 9, July 10-Sept. 30,
2009 2009
-------------- -----------------
($mils)
Net revenue $1,637 $26,352
Earnings before interest and taxes $(627) $(261)
(before special items)
Net interest $(209) $(250)
Special items $79,672(2) $(505)
------ -----
Earnings before taxes
Taxes $522 $(135)
---- -----
Total managerial income/(loss)
Managerial operating cash flow
(before special items)($bils) $(3.6) $3.3
Global cash and cash-related
balance ($bils) $37.6 $42.6
Revenue
GM posted revenue of
The improvement was largely attributed to a higher global seasonally adjusted annual rate (SAAR) of 67.8 million units in the third quarter, compared to 62.7 million units in the second quarter of 2009, and GM's stabilizing global share. In
GM's global share was 11.9 percent in the third quarter, up 0.3 percentage points from the first half of the year for Old GM. GM's U.S. market share in the third quarter was 19.5 percent, flat in relation to Old GM's U.S. share for the first half of the year.
GM finished the third quarter with U.S. dealer inventories of approximately 424,000 vehicles; a reduction of approximately 158,000 units from the end of the second quarter.
Contributing to GM's sales in the U.S. was the strong retail performance of some of its newest vehicles, including the Chevrolet Camaro and GMC Terrain, as well as the Chevrolet Equinox, Buick LaCrosse and Cadillac SRX which are generating higher average transaction prices and higher residual values than previous model year vehicles.
In other markets around the world, strong consumer appeal for a number of GM's newest vehicles including the Holden and Chevrolet Cruze, Daewoo Matiz Creative, Opel/Vauxhall Astra and Chevrolet Agile are helping to reclaim global share. In fact, the Astra recently claimed its first major award by winning the prestigious Golden Steering Wheel award by the Auto Bild magazine and the Agile was just elected the 2010 Car of the Year by AutoEsporte magazine in
The
Managerial Results
After the inclusion of special items, GM's managerial earnings before tax for the July 10-Sept. 30 period was a loss of
GM managerial earnings before interest and taxes (EBIT) before special items for the July 10-Sept. 30 period was a loss of
Total structural cost for the company has been significantly reduced by the resizing and delayering of the company including salaried and hourly headcount reductions, engineering savings and volume related savings. GM structural cost for the period July 10-Sept. 30, 2009 was
Structural Cost
(bils) "Old GM" "Old GM" GM
Jan. 1-Sept. 30, Jan. 1-July 9, July 10-Sept. 30,
2008 2009 2009
---------------- -------------- -----------------
Total Structural Cost $37.8 $22.0 $9.1
While financial statements between Old GM and GM are not comparable, the above structural costs breakdowns for the two companies are provided for perspective.
Balance Sheet and Cash
For the period July 10-Sept. 30, GM had positive managerial operating cash flow before special items of
As of
In light of improving global economic conditions, stabilizing industry sales and its healthier cash position, GM announced today that it plans to accelerate repayment of its outstanding
GM plans to repay the
In addition, the company has begun to repay the German government loans which were extended to support Opel, and had a balance of euro 900 million (~US$1.3 billion) as of
GM's total debt as of
Looking Ahead
Globally, GM expects total vehicle industry volume to moderate in the fourth quarter of 2009, with an estimated SAAR to be approximately 65.4 million units, down from 67.8 million units in the third quarter. Following the expiration of the successful 'Cash for Clunkers' stimulus program in the U.S. which contributed to GM's strong sales in the third quarter, the company anticipates the U.S. industry total vehicle SAAR volume in the fourth quarter will be approximately 10.7 million units, compared to 11.7 million units in the third quarter.
Looking ahead to 2010, GM anticipates modest growth, with total industry volumes estimated at 62 to 65 million units, with a modest recovery in the U.S. market where the outlook for the 2010 calendar year for total vehicles is estimated at 11-12 million units.
GM expects to have negative net cash flows in the fourth quarter of 2009 due to a number of factors including cash outflows relating to the Delphi settlement of
(1) See the "Editor's Notes" section of this release for details on the presentation of the reporting.
(2) Special items for July 1-July 9, 2009 includes a reorganization gain of
(3) Details on all special items are included in the "Highlights" section of this release.
Editors Notes:
Results presented in this press release reflect unaudited condensed consolidated managerial results for the new company for the period
Forward-Looking Statements:
In this press release and in related comments by our management, our use of the words "expect," "anticipate," "ensure," "promote," "target," "believe," "improve," "intend," "enable," "continue," "will," "may," "would," "could," "should," "project," "projected," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to comply with the requirements of our credit agreements with the U.S. Treasury as well as the EDC and VEBA; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to restore consumers' confidence in our viability as a continuing entity and our ability to continue to attract customers, particularly for our new products, including cars and crossover vehicles; significant changes in the competitive environment and the effect of competition on our markets, including on our pricing policies; and overall strength and stability of general economic conditions and of the automotive industry, both in the
About General Motors:
GM, one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
In accordance with the agreement with the SEC staff, the accompanying unaudited condensed consolidated managerial financial statements include the financial statements and related information of Old GM, the entity from whom GM purchased substantially all of the assets and assumed certain liabilities and obligations. Prior to
The 363 Sale resulted in a new entity, General Motors Company, which is the successor entity for accounting and financial reporting purposes. Because GM is a new reporting entity, the financial statements are not comparable to the financial statements of Old GM.
Also consistent with the no-action relief granted by the SEC staff, these unaudited condensed consolidated managerial financial statements do not comply with
This press release, the accompanying tables and the charts for analysts include unaudited condensed consolidated managerial financial statements which do not comply with U.S. GAAP. They do not reflect any adjustments which would result from the application of fresh-start reporting pursuant to Accounting Standards Codification topic (ASC) 852, "Reorganizations" including, for example, fresh-start adjustments resulting from asset and liability valuations (including the adjustments required to allocate GM's business enterprise value to its assets and liabilities in conformity with the procedures specified in ASC 805, "Business Combinations"). GM continues to analyze the time period in which revenues and expenses were recorded in addition to the allocation of assets and liabilities at
These unaudited condensed consolidated managerial financial statements will change when U.S. GAAP is applied. Such changes could be and are likely to be material. Further, because these unaudited condensed consolidated managerial financial statements have not been prepared in accordance with U.S. GAAP, they have limitations, are not comparable to similarly titled financial statements of other companies and should not be considered as a substitute for financial statements prepared in accordance with U.S. GAAP or other measures of performance or liquidity prepared in accordance with U.S. GAAP.
GM will file a Form 10-Q for the period ended
These unaudited condensed consolidated managerial financial statements have not been audited or reviewed by our independent auditors and, accordingly, they express no opinion or any other form of assurance on them.
This press release and the charts for analysts also include the following adjusted financial measures, which are based on the unaudited condensed consolidated managerial financial statements: (1) adjusted managerial net income; (2) adjusted managerial earnings before interest and income tax; and (3) managerial cash flow. Certain prior period amounts have been reclassified in the consolidated managerial statements of operations and related summaries to conform to the current period presentation, primarily due to the adoption of ASC 810-10, "Consolidation" and ASC 470-20, "Debt with Conversions and Other Options," which have retrospective application.
Management believes these adjusted financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that GM management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. GM management believes these measures allow it to readily view operating trends, perform analytical comparisons, benchmark performance among geographic regions and assess whether GM's plan to return to profitability is on target. Also, GM management uses adjusted net income and adjusted earnings before interest and income taxes for forecasting purposes and in determining future capital investment allocations. Accordingly, GM believes these financial measures are useful in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. While GM believes that these adjusted financial measures provide useful supplemental information, there are limitations associated with the use of these adjusted financial measures.
General Motors Company and Subsidiaries
Schedule of Special Items
(Dollars in millions)
(Unaudited)
Successor Predecessor
------------- ---------------------------------------------
July 10, July 1, January 1,
2009 2009 2009 Three Months Nine Months
Through Through Through Ended Ended
September 30, July 9, July 9, September 30, September 30,
2009 2009 2009 2008 2008
------------- ------- --------- ------------- -------------
Managerial results
Earnings before
interest and
taxes (EBT) $(1,016) $78,836 $57,829 $(2,484) $(20,318)
Managerial net
income/(loss)
attributable to
stockholders $(1,151) $79,358 $58,909 $(2,552) $(21,347)
Pre-tax special items
Restructuring
and special
attrition programs 452 384 4,443 642 5,517
Delphi related 112 41 988 652 4,136
Saab related (59) 23 912 - -
Accelerated discount
amortization on
DIP financing - 600 2,220 - -
Reorganization
gains, net - (80,720) (79,563) - -
GMAC related - - (868) 251 3,037
Impairments - - 291 - -
Gain on extinguishment
of debt - - (906) - -
Salaried post-65
settlement - - - 1,704 1,704
UAW VEBA curtailment
gain - - - (4,901) (4,901)
Other - - (152) (1) 486
--- ------- ------- ------ -----
Total pre-tax
special items 505 (79,672) (72,635) (1,653) 9,979
Tax special items - - - - 394
Net interest expense
before special
items(a) 250 209 3,025 487 1,664
Managerial results
before special items
Earnings before
taxes (EBIT) $(261) $(627) $(11,781) $(3,650) $(8,675)
===== ===== ======== ======= =======
Managerial net
loss attributable
to stockholders $(646) $(314) $(13,726) $(4,205) $(10,974)
===== ===== ======== ======= ========
(a) Excludes $600 million and $2.2 billion of accelerated discount
amortization on DIP financing for the periods July 1, 2009 through
July 9, 2009 and January 1, 2009 through July 9, 2009.
Restructuring and special attrition programs
GM
As part of achieving and sustaining long-term viability and the viability of the dealer network, GM determined that a reduction in the number of U.S. and Canadian dealerships was necessary. GM's plan is to reduce dealerships in the U.S. to approximately 3,600 to 4,000 by
In the period
Old GM
In the period
In the period
In the period
In the three and nine months ended
In the three and nine months ended
Delphi related
GM
In the period
Old GM
In the period
In the three and nine months ended
Saab related
GM
GM acquired Old GM's investment in Saab Automobile AB (Saab) as part of the 363 Sale. On
Old GM
On
Accelerated amortization of discount on DIP financing
Old GM
In the periods
Reorganization gains, net
Old GM
The following table summarizes Old GM's Reorganization gains, net (dollars in millions):
Predecessor
-----------------------------
July 1, 2009 January 1, 2009
Through Through
July 9, 2009 July 9, 2009
------------ ---------------
Professional fees $- $(39)
Gain due to conversion of DIP Facility
to equity in GM 27,939 27,939
Gain due to conversion of UST and EDC funding
to equity in GM 25,700 25,700
Gains resulting from Old GM debt and other
liabilities not assumed in 363 Sale 29,867 29,867
Issuance of GM common and preferred stock (2,505) (2,505)
Loss on extinguishment of debt - (958)
Loss on contract rejections and settlements
of claims (281) (441)
---- ----
Total reorganization gains, net $80,720 $79,563
======= =======
GMAC related
Old GM
In the period
In the three and nine months ended
Impairments
Old GM
In the period
Gain on extinguishment of debt
Old GM
On
Salaried post-65 settlement
Old GM
In the three and nine months ended
UAW VEBA curtailment gain
Old GM
In the three and nine months ended
Other
Old GM
In the period
In the three months ended
In the nine months ended
Tax adjustments
Old GM
In the nine months ended
General Motors Company and Subsidiaries
Operating Statistics
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
2009 2008 2009 2008
--------- -------- -------- --------
Worldwide Production Volume (a) (b) (c) (Units in thousands)
GMNA - Cars 205 436 491 1,178
GMNA - Trucks 326 479 806 1,456
--- --- --- -----
Total GMNA 531 915 1,297 2,634
GMIO (a) 1,166 1,124 3,268 3,862
----- ----- ----- -----
Total Worldwide 1,697 2,039 4,565 6,496
===== ===== ===== =====
Vehicle Unit Deliveries (a) (c) (d) (e)
United States
Chevrolet - Cars 172 196 413 583
Chevrolet - Trucks 223 300 579 877
Cadillac 24 41 73 130
Buick 25 42 72 113
GMC 63 109 182 306
Pontiac 63 73 152 226
Saturn 17 57 60 159
Other 4 12 15 40
-- -- -- --
Total United States 593 828 1,547 2,433
Canada, Mexico and Other 98 150 301 456
-- --- --- ---
Total GMNA 691 978 1,848 2,889
--- --- ----- -----
GMIO (f)
Chevrolet 494 496 1,381 1,535
Opel/Vauxhall 306 336 963 1,208
Buick 117 65 313 212
GM Daewoo 33 31 80 102
Holden 31 35 91 107
Wuling (g) 262 128 754 457
FAW-GM (g) 9 - 9 -
Other 27 44 85 145
-- -- -- ---
Total GMIO 1,278 1,135 3,676 3,767
----- ----- ----- -----
Total Worldwide 1,969 2,113 5,523 6,656
===== ===== ===== =====
(a) Vehicle sales and production volume will not be affected by
fresh-start reporting; therefore, for the three and nine months ended
September 30, 2009, GM's vehicle sales and production volume for the
period July 10, 2009 through September 30, 2009 is presented with Old
GM's vehicle sales and production volume for the periods July 1, 2009
through July 9, 2009 and January 1, 2009 through July 9, 2009 for
comparison purposes.
(b) Production volume represents the number of vehicles manufactured by
our and Old GM's assembly facilities and also includes vehicles
produced by certain joint ventures, including GM Daewoo, Shanghai GM
and SAIC-GM Wuling Automobile Co., Ltd. (SGMW) and FAW-GM Light Duty
Commercial Vehicle Co., Ltd. (FAW-GM) joint venture production.
(c) Vehicle sales and production data may include rounding differences.
(d) Vehicle sales primarily represent sales to the ultimate customer.
(e) Includes HUMMER, Saab, Saturn and Pontiac vehicle sales data.
(f) Consistent with industry practice, vehicle sales information includes
estimates of industry sales in certain countries where public
reporting is not legally required or otherwise available on a
consistent basis.
(g) Includes GM Daewoo, Shanghai GM and SAIC-GM Wuling Automobile Co.,
Ltd. (SGMW) and FAW-GM Light Duty Commercial Vehicle Co., Ltd.
(FAW-GM) joint venture sales. Ownership of 34% in SGMW and 50% in
FAW-GM, under the joint venture agreement, allows for significant
rights as a member as well as the contractual right to report SGMW
and FAW-GM Light Duty Commercial sales in China as part of global
market share.
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
Market Share (a) 2009 2008 2009 2008
------ ------ ------ ------
United States - Cars 16.5% 20.3% 16.5% 18.7%
United States - Trucks 22.8% 28.4% 22.6% 25.8%
Total United States 19.5% 24.3% 19.5% 22.2%
Total GMNA 18.7% 23.4% 18.9% 21.7%
Total GMIO (a) (b) (c) 9.9% 9.4% 9.8% 9.5%
Total Worldwide 11.9% 13.0% 11.7% 12.6%
U.S. Retail/Fleet Mix (a)
% Fleet Sales - Cars 29.8% 40.3% 27.3% 32.5%
% Fleet Sales - Trucks 21.2% 21.7% 22.0% 22.2%
Total Vehicles 25.1% 29.5% 24.3% 26.6%
GMNA Capacity Utilization (d) 53.3% 79.0% 43.4% 75.5%
(a) Vehicle sales, market share, U.S. retail/fleet mix and GMNA capacity
utilization will not be affected by fresh-start reporting; therefore,
for the three and nine months ended September 30, 2009, our vehicle
sales and production volume for the period July 10, 2009 through
September 30, 2009 is presented with Old GM's vehicle sales and
production volume for the periods July 1, 2009 through July 9, 2009
and January 1, 2009 through July 9, 2009 for comparison purposes.
(b) Consistent with industry practice, vehicle sales information includes
estimates of industry sales in certain countries where public
reporting is not legally required or otherwise available on a
consistent basis.
(c) Includes GM Daewoo, Shanghai GM and SAIC-GM Wuling Automobile Co.,
Ltd. (SGMW) and FAW-GM Light Duty Commercial joint venture sales.
Ownership of 34% in SGMW and 50% in FAW-GM, under the joint venture
agreement, allows for significant rights as a member as well as the
contractual right to report SGMW and FAW-GM Light Duty Commercial
sales in China as part of global market share.
(d) Two shift rated, annualized.
Successor Predecessor
------------ -----------
September 30, December 30,
2009 2008
------------ -----------
Worldwide Employment (thousands)
GMNA (b) 92 116
GMIO 115 125
Corporate and Other 2 2
--- ---
Total Worldwide 209 243
=== ===
United States - Salaried (a) (c) 27 29
United States - Hourly (a) (b) 48 62
(a) Includes employees in GMNA and Corporate and other.
(b) In the nine months ended September 30, 2009, 7,000 U.S. hourly
employees elected to participate in Old GM's 2009 Special Attrition
Program, which was introduced in February of 2009. In addition, 6,000
U.S. hourly employees elected to participate in Old GM's Second
Special Attrition Program, which was introduced in June of 2009.
(c) Subsequent to September 30, 2009, 3,000 U.S. salaried employees have
irrevocably accepted the 2009 Salaried Window Program option or the
GM Severance Program option.
Successor Predecessor
------------- ---------------------------------------------
July 10, July 1, January 1,
2009 2009 2009 Three Months Nine Months
Through Through Through Ended Ended
September 30, July 9, July 9, September 30, September 30,
2009 2009 2009 2008 2008
------------- ------- --------- ------------- -------------
Worldwide Payroll
(billions) $2.9 $0.3 $6.2 $4.4 $13.0
General Motors Company and Subsidiaries
Condensed Consolidated Managerial Statements of Operations
(Dollars in millions)
(Not audited or reviewed)
Successor Predecessor
------------- ---------------------------------------------
July 10, July 1, January 1,
2009 2009 2009 Three Months Nine Months
Through Through Through Ended Ended
September 30, July 9, July 9, September 30, September 30,
2009 2009 2009 2008 2008
------------- ------- --------- ------------- -------------
Net sales and revenue
Sales $26,274 $1,629 $46,786 $37,503 $117,120
Other revenue 78 8 328 305 1,081
-- -- --- --- -----
Total net sales
and revenue 26,352 1,637 47,114 37,808 118,201
------ ----- ------ ------ -------
Costs and expenses
Cost of sales 24,765 1,943 57,473 34,521 116,219
Selling, general
and administrative
expense 2,653 732 6,230 3,251 10,704
Other expenses, net (17) 21 1,323 919 5,226
--- -- ----- --- -----
Total costs and
expenses 27,401 2,696 65,026 38,691 132,149
------ ----- ------ ------ -------
Operating loss (1,049) (1,059) (17,912) (883) (13,948)
Equity in income
(loss) of GMAC - - 1,373 (1,235) (4,777)
Interest expense (356) (823) (5,428) (595) (2,217)
Interest income and
other non-operating
income, net 334 23 827 78 165
Gain (loss) on
extinguishment of debt - - (1,088) 43 97
Reorganization
gains, net - 80,720 79,563 - -
-- ------ ------ -- --
Income (loss) before
income taxes and
equity income (1,071) 78,861 57,335 (2,592) (20,680)
Income tax expense
(benefit) 135 (522) (1,080) 68 1,029
Equity income, net
of tax 212 15 278 50 310
--- -- --- -- ---
Managerial net income
(loss) (994) 79,398 58,693 (2,610) (21,399)
Less: Managerial net
(income) loss
attributable to
noncontrolling
interests (157) (40) 216 58 52
---- --- --- -- --
Managerial net income
(loss) attributable
to stockholders (1,151) 79,358 58,909 (2,552) (21,347)
Less: Accumulated
preferred dividends 146 - - - -
--- -- -- -- --
Managerial net income
(loss) attributable to
common stockholders $(1,297) $79,358 $58,909 $(2,552) $(21,347)
======= ======= ======= ======= ========
General Motors Company and Subsidiaries
Condensed Consolidated Managerial Balance Sheets
(Dollars in millions)
(Not audited or reviewed)
Successor Predecessor
------------ -----------
September 30, December 31,
2009 2008
------------ -----------
ASSETS
Current Assets
Cash and cash equivalents $25,092 $14,053
Marketable securities 137 141
--- ---
Total cash and marketable securities 25,229 14,194
Restricted cash and marketable securities 17,987 -
Accounts and notes receivable, net 6,895 7,918
Inventories 9,812 13,195
Assets held for sale 492 -
Equipment on operating leases, net 2,708 5,142
Other current assets and deferred income
taxes 1,722 3,146
----- -----
Total current assets 64,845 43,595
Non-Current Assets
Equity in net assets of nonconsolidated
affiliates 2,245 2,146
Property, net 35,700 39,665
Intangible assets, net 201 265
Deferred income taxes 557 98
Prepaid pension 123 109
Equipment on operating leases, net 2 442
Restricted cash and marketable securities 2,327 2,589
Other assets 1,451 2,130
----- -----
Total non-current assets 42,606 47,444
------ ------
Total Assets $107,451 $91,039
======== =======
LIABILITIES AND DEFICIT
Current Liabilities
Accounts payable (principally trade) $20,213 $22,259
Short-term debt and current portion of
long-term debt 12,842 16,920
Liabilities held for sale 492 -
Postretirement benefits other than pensions 1,625 4,001
Accrued expenses 24,575 32,428
------ ------
Total current liabilities 59,747 75,608
Non-Current Liabilities
Long-term debt 4,197 29,018
Postretirement benefits other than pensions 30,077 28,919
Pensions 27,549 25,178
Other liabilities and deferred income taxes 14,035 17,392
------ ------
Total non-current liabilities 75,858 100,507
------ -------
Total Liabilities 135,605 176,115
Commitments and contingencies
Preferred stock, $0.01 par value (1,000,000,000
shares authorized, 360,000,000 shares issued
and 100,000,000 shares outstanding at
September 30, 2009) 2,500 -
Deficit
Old GM
Preferred stock, no par value (6,000,000 shares
authorized, no shares issued and outstanding) - -
Preference stock, $0.10 par value(100,000,000
shares authorized, no shares issued and outstanding) - -
Common Stock, $1 2/3 par value common stock
(2,000,000,000 shares authorized, 800,937,541
shares issued and outstanding at December 31, 2008) - 1,017
General Motors Company
Common stock, $0.01 par value (2,500,000,000 shares
authorized, 500,000,000 shares issued and
412,500,000 outstanding at September 30, 2009) 5 -
Capital surplus (principally additional
paid-in capital) 17,512 16,489
Retained earnings (Accumulated deficit) (13,011) (70,727)
Accumulated other comprehensive loss (35,557) (32,339)
-------- --------
Total stockholders' deficit (31,051) (85,560)
Noncontrolling interests 397 484
--- ---
Total deficit (30,654) (85,076)
------- -------
Total Liabilities and Deficit $107,451 $91,039
======== =======
For further information: Renee Rashid-Merem, +1-313-665-3128, +1-313-701-8560 (cell), renee.rashid-merem@gm.com, or Randy Arickx, +1-313-667-0006, +1-313-268-7070 (cell), randy.c.arickx@gm.com, or Tom Wilkinson, +1-313-667-0366, +1-313-378-6233 (cell), tom.wilkinson@gm.com, all of General Motors