Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549-1004

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) June 29, 2010

 

 

GENERAL MOTORS COMPANY

(Exact Name of Registrant as Specified in its Charter)

 

 

 

000-53930   DELAWARE   27-0756180
(Commission File Number)  

(State or other jurisdiction of

incorporation)

 

(I.R.S. Employer

Identification No.)

300 Renaissance Center, Detroit, Michigan   48265-3000
(Address of Principal Executive Offices)   (Zip Code)

(313) 556-5000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


ITEM 8.01 Other Events

On June 29, 2010, General Motors Company (GM) presented at the Global Business Conference. Extracts of the presentations related thereto are attached as Exhibit 99.1.

EXHIBIT

 

Exhibit

  

Description

  

Method of Filing

Exhibit 99.1

   Global Business Conference Presentations Dated June 29, 2010    Attached as Exhibit


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

               

GENERAL MOTORS COMPANY

(Registrant)

Date: July 7, 2010

        By:  

/s/    NICK S. CYPRUS        

          Nick S. Cyprus
          Vice President, Controller and Chief Accounting Officer
Global Business Conference Presentations Dated June 29, 2010

Exhibit 99.1

LOGO

For Release: June 29, 2010

GM Hosts Global Business Conference for the Financial Community

Senior leaders provide in-depth overview of the new company’s global business

and offer hands-on driving experience in GM’s great new vehicles

DETROIT – The new General Motors today hosted a group of approximately 200 members of the financial community and other stakeholders at its first annual Global Business Conference at GM’s Technical Center in Warren, Michigan. The event was the first of its kind since the launch of the new company in July 2009.

The conference featured an in-depth review of GM’s global business, with updates by Chairman and CEO Ed Whitacre, Vice Chairman Steve Girsky, Vice Chairman and CFO, Chris Liddell, and GM’s regional presidents. Vice Chairman of Global Product Operations Tom Stephens provided a review of GM’s global product portfolio, and an early preview of some upcoming products, including the next generations of the popular Opel Insignia, Chevrolet Malibu, and Cadillac CTS.

Whitacre kicked off the conference by sharing his perspective on how he sees the company today, the progress it has made, and the opportunities ahead for GM.

“We’re not reintroducing GM today, we’re introducing a new GM, because we are a new and much different company than we were 12 months ago,” Whitacre said. “We’re creating a new GM – one that truly is different. We have a simplified focus on designing, building, and selling the world’s best vehicles. We’re producing first-rate cars and trucks that customers are buying around the world. We have a new management team that ‘gets it’ and is executing well.”

Tim Lee, president of GM’s International Operations; Jamie Ardila, president of GM South America; Nick Reilly, president of GM Europe and chairman of the management board of Opel/Vauxhall; Vice President and CFO of Opel/Vauxhall Europe, Mark James; and Mark Reuss, president of GM North America, gave a market-by-market assessment of the company’s progress.

By closely managing the business at the regional level, with specific focus on the trends in local markets, and by leveraging GM’s global capability, the company is well positioned to take advantage of anticipated growth in the global auto market.

A highlight of the day was an extensive ride-and-drive for the guests, which featured virtually all of GM’s current U.S. models from its Chevrolet, Buick, GMC, and Cadillac brands, including the all-new Chevrolet Cruze and the Chevrolet Volt extended-range electric vehicle.

Girsky shared his perspectives on how GM is operating differently today, and what global market challenges still lie ahead, including further market fragmentation and new vehicle market volatility, and outlined how GM is addressing these challenges and aligning the company to take full advantage of opportunities ahead.

Liddell concluded the day by summarizing the importance of GM’s global resources and financial strength in stabilizing and growing the business. He reinforced GM’s commitment to communicating in an open and consistent manner, and to keeping the focus on the key factors that are important to the business and its stakeholders.

“Today’s event gave us a unique opportunity to highlight the fundamental changes we’re making at GM. With global growth potential in both mature and emerging markets, a dramatically lower break-even level in North America, actions underway to restructure Europe, and a much stronger balance sheet, we are making the changes needed for long-term success,” Liddell said.


An audio replay and accompanying presentation charts are available on GM’s Investor Relations website at www.gm.com/corporate/investor_information/cal_events.

# # #

About General Motors:

General Motors, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 205,000 people in every major region of the world and does business in some 157 countries. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM’s largest national market is the United States, followed by China, Brazil, Germany, the United Kingdom, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.

Forward-Looking Statements:

In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “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 realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology; our ability to realize successful vehicle applications of new technology; and our ability to comply with the continuing requirements related to U.S. and other government support.

GM’s most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.

Contacts:

Reneé Rashid-Merem

Office 313.665.3128

Cell 313.701.8560

renee.rashid-merem@gm.com

Randy Arickx

Office 313.667.0006

Cell 313.268.7070

randy.c.arickx@gm.com


FORWARD LOOKING STATEMENTS
FORWARD LOOKING STATEMENTS
In this presentation and in related comments by our management, our use of the words
“expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,”
“continue,” “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 realize production efficiencies and to achieve reductions
in costs as a result of our restructuring initiatives and labor modifications; our ability to
maintain quality control over our vehicles and avoid material vehicle recalls; our ability to
maintain adequate liquidity and financing sources and an appropriate level of debt,
including as required to fund our planning significant investment in new technology; our
ability to realize successful vehicle applications of new technology; and our ability to comply
with the continuing requirements related to U.S. and other government support.
GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q provides
information about these and other factors, which we may revise or supplement in future
reports to the SEC.



TOM STEPHENS
Vice Chairman, Global Product Operations


STEVE GIRSKY
Vice Chairman, Corporate Strategy & Business Development


CHRIS LIDDELL
Vice Chairman & CFO


THE NEW GENERAL MOTORS
THE NEW GENERAL MOTORS
World’s     
Best     
Vehicles
Global
Opportunity
New
Management
Approach
Financial
Flexibility
Breakeven
at Bottom


WORLD’S BEST VEHICLES
WORLD’S BEST VEHICLES
Source:
Incentive
information
based
on
J.D.
Power
and
Associates
Power
Information
Network
Data
(Syndicated
Report)


GLOBAL OPPORTUNITY
GLOBAL OPPORTUNITY
Top 5 Projected Growth Markets
2009-2014E
2009 GM
Market Share
13%
20%
3%
10%
19%
8%
GM
Growth Opportunity
2.6 Million
Units
Source: Growth Markets per Global Insight
2009 GM Market Share per GM 2009 10-K


BREAKEVEN AT BOTTOM OF CYCLE
BREAKEVEN AT BOTTOM OF CYCLE
U.S. Industry


BREAKEVEN AT BOTTOM OF CYCLE
BREAKEVEN AT BOTTOM OF CYCLE
U.S. Total Auto Sales Peak –
Through Swings


FINANCIAL FLEXIBILITY
FINANCIAL FLEXIBILITY
1
Current  state  reflects  GM cash, debt (incl. preferred  equity), and pension balances  as of 3/31/10 pro forma for
pay-down of UST and EDC debt
CURRENT
STATE
1
FUTURE GOAL
Strong
Strong
Investment
Investment
Grade
Grade


Speed
Speed
+
+
Simplicity
Simplicity
+
+
Accountability
Accountability
NEW MANAGEMENT APPROACH
NEW MANAGEMENT APPROACH



FORWARD LOOKING STATEMENTS
FORWARD LOOKING STATEMENTS
In this presentation and in related comments by our management, our use of the words
“expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,”
“continue,” “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 realize production efficiencies and to achieve reductions
in costs as a result of our restructuring initiatives and labor modifications; our ability to
maintain quality control over our vehicles and avoid material vehicle recalls; our ability to
maintain adequate liquidity and financing sources and an appropriate level of debt,
including as required to fund our planning significant investment in new technology; our
ability to realize successful vehicle applications of new technology; and our ability to comply
with the continuing requirements related to U.S. and other government support.
GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q provides
information about these and other factors, which we may revise or supplement in future
reports to the SEC.



ED WHITACRE
Chairman & CEO


TIM LEE
President, GM International Operations
JAIME ARDILA
President, GM South America


GM’s fastest growing regions
GM’s fastest growing regions


of global automotive industry growth through
of global automotive industry growth through
2014 to come from BRIC countries
2014 to come from BRIC countries
45%
45%
Source:  Global Insight 2009-2014


GROWTH OPPORTUNITIES WITHIN EMERGING
GROWTH OPPORTUNITIES WITHIN EMERGING
MARKETS
MARKETS
China
51%
India
2%
Other Asia
4%
Brazil
17%
Other South
America
8%
Russia
4%
Africa
4%
Middle East
4%
Australia & New Zealand
3%
CIS
3%
BRIC
74%
South
America
25%
CIS includes: Uzbekistan, Ukraine & Kazakhstan
2009 GM SALES VOLUME


THREE-PRONG PRODUCT STRATEGY
THREE-PRONG PRODUCT STRATEGY
PARTNER COLLABORATION
3
Chevrolet New Sail
Wuling
Rong
Guang
GLOBAL ARCHITECTURES
1
Buick LaCrosse
Chevrolet Cruze
Chevrolet Aveo
RS
Chevrolet Spark
REGIONAL SOLUTIONS
2
Chevrolet Classic
Chevrolet Agile
Chevrolet Montana


Key to GM’s Sustainable Growth
Emerging Markets


NICK REILLY
President, GM Europe and Chairman, Management Board of Opel/Vauxhall


MARK JAMES
Vice President and CFO, Opel/Vauxhall Europe


TURNAROUND STARTS WITH EXCELLENT
TURNAROUND STARTS WITH EXCELLENT
PRODUCTS
PRODUCTS


CHEVROLET IS A GROWING PART OF
CHEVROLET IS A GROWING PART OF
EUROPEAN SALES
EUROPEAN SALES
GME 2009 SALES VOLUME


GM EUROPE RESTRUCTURING
GM EUROPE RESTRUCTURING
RESTRUCTURING ELEMENTS
RESTRUCTURING ELEMENTS
Antwerp facility closure
Antwerp facility closure
Other separation savings
Other separation savings
Employee concessions
Employee concessions
Other restructuring savings
Other restructuring savings
Lower
Breakeven


INDUSTRY GROWTH
INDUSTRY GROWTH
Source:  Global Insight
WESTERN & CENTRAL EUROPE
EASTERN EUROPE
CY 2010 Outlook:
15.6M
CY 2014 Outlook:
18.9M
CY 2010 Outlook:
1.9M
CY 2014 Outlook:
3.3M
20%
70%


CONTINUED PRODUCT OFFENSIVE
CONTINUED PRODUCT OFFENSIVE
14
Launches
through 2014
13
Launches
through 2014


Product
Product
Offensive
Offensive
+
+
Restructuring
Restructuring
Measures
Measures
=
Breakeven in 2011…
Significant profits as markets recover


MARK REUSS
President, GM North America


BREAKEVEN REDUCED
BREAKEVEN REDUCED
TRANSACTION
PRICES
LABOR
COST
CAPACITY
UTILIZATION
85%


LAUNCH PRODUCT PERFORMANCE
LAUNCH PRODUCT PERFORMANCE
Share of
Segment
Transaction
Price
Residuals
Incentives
Consideration
Q1 2010 vs
Q1 2009
CADILLAC SRX
CADILLAC SRX
CHEVROLET
CHEVROLET
EQUINOX
EQUINOX
GMC TERRAIN
GMC TERRAIN
BUICK LACROSSE
BUICK LACROSSE


U.S. INDUSTRY OUTLOOK
U.S. INDUSTRY OUTLOOK
2010 –
2014
CY 2010 Outlook:
12.0M
CY 2014 Outlook:
17.5M
PROJECTED
GROWTH
45%
Source:  Global Insight


CONTINUED PRODUCT OFFENSIVE
CONTINUED PRODUCT OFFENSIVE


Retain strong performers
Strategically align franchise points
Support facility improvements
Improved sales, share and
profitability
U.S. DEALER STRATEGY
U.S. DEALER STRATEGY