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GM announces 2001 year-end results

Market-share gains spurred by strong new product entries coupled with an intense focus on reducing costs partially offset relentless price pressures as General Motors earned $1.5 billion, or $3.23 diluted earnings per share, in calendar-year 2001 on revenues of $177.3 billion, excluding special items. That compares with earnings of $5.0 billion, or $8.58 per share, and revenues of $183.3 billion in the prior year, excluding special items. GM earned $255 million, or $0.60 per share, in the fourth quarter of 2001, including the approximately $97 million, or $0.14 per share, unfavorable effect of the currency devaluation in Argentina. This compares with $609 million, or $1.15 per share, in the fourth quarter of 2000, excluding special items.



PROFIT SHARING, INCENTIVE COMPENSATION

Based on GM’s financial results in 2001, there will be no profit-sharing payments to hourly workers in the United States. In addition, there will be no annual incentive awards for GM executives, or enhanced variable pay for eligible U.S. and Canadian salaried employees.

GM’s global automotive operations earned $708 million in calendar-year 2001, compared with $3.9 billion in 2000. Fourth-quarter earnings totaled $66 million versus $393 million in the prior-year period. Wholesale volume declined approximately 8 percent in calendar-year 2001, and approximately 6 percent in the fourth quarter, compared with the same periods of 2000. Lower sales volume and strong pricing competition affected results in North America, where GM’s annual wholesale vehicle sales declined 11 percent from prior-year levels. Similar pricing pressures affected Europe, along with the shift in consumer preference toward smaller, lessprofitable vehicles and unfavorable country mix.

GM increased its calendar-year market share in the United States for the first time since 1990, as its strong truck lineup broke the industry record for truck sales. Sales of full-size pickups were the best since 1978, and GM shattered the all-time industry sport utility vehicle (SUV) sales record, becoming the first manufacturer to sell more than one million SUVs in a calendar year.

GM’s share of the U.S. truck market increased 2.2 percentage points to 29.2 percent for 2001, while total vehicle share increased 0.3 percentage points, totaling 28.1 percent for the year.

Particularly significant was the improved mix of retail sales as GM continued to focus its sales efforts on the more profitable retail side of the business. Retail sales increased 2.8 percentage points to 81.6 percent of all GM U.S. sales.




GM vehicles have received more than 70 awards since the beginning of 2001, including the following highly influential citations:

-Motor Trend SUV of the Year - GMC Envoy
-Motor Trend Truck of the Year - Chevrolet Avalanche
-North American Truck of the Year - Chevrolet TrailBlazer
-AutoWeek North American International Auto Show Awards - Cadillac Cien and Pontiac Solstice concept cars
-International Van of the Year - First place: Opel Vivaro; Second Place: Opel Combo




NCM Activities

The National Corvette Museum has announced the 2002 Calendar presenting nine major Corvette and automotive events from April to October 2002.

Kicking off the new-year, the activities begin with the Museum’s annual C5 Birthday Bash, April 18-20. This year’s bash will showcase and celebrate Corvette Racing’s 2001 banner year, and offer a first-ever NCM Invitational Super Tuner shoot-out, along with drag racing, low speed autocross and training school, seminars, and much more.

The Porsche Club of America returns to Bowling Green for a PCA-sanctioned weekend event at the NCM. Porsche: the Visit 2.0, April 25-27, will offer special Porsche displays, swap meet, seminars, low-speed autocross and drags and fun galore. May springs into action as we spotlight the fourth generation Corvette during the ZR-1/C-4 Gathering the weekend of May 9-11. The Museum salutes this unique group.

Back by popular demand, the Corvette Forum Cruise-In will once again re-unite hundreds of the internet-based Corvette enthusiasts for a festive celebration marking the “Corvette Lifestyle”, May 23-25.

June 27-30, an extravagant event is planned as the Historic Motorama and Official Corvette 50th Anniversary Kick-Off takes center stage as one of the Museum’s halo events for 2002. The 50 model years of Corvette represented in a Historic Motorama, will roll into Bowling Green from Flint, Michigan where a full 3-day celebration is in store at the Museum for everyone in attendance.

Marking summer’s end, the Museum will celebrate its eighth anniversary during the Corvette Celebration and Hall Of Fame, August 28-September 1.

The NCM is proud to host the Camaro/Firebird Event, September 20-22. Open to all automotive enthusiasts who want to enjoy a weekend dedicated to the F-Body automobiles, Camaros and Firebirds galore in addition to the many Corvettes on display in the Museum are just part of the fun.

The following weekend, a first-ever, Z06 Fest is scheduled for September 26-28.

As the year winds down, many enthusiasts will make a journey to the home of the Corvette for the Museum (R8C) Delivery Reunion scheduled for October 10-12.






On The Job

Mig welder and drummer, deejay and church school teacher, Kenny Hardaway fills many roles in any given day. At work, you’re most likely to find him behind the yellow protective curtains in the uniframe area working on the right side of the tunnel. As he explains it, his piece of each Corvette is the metal that serves as the structure for the passenger’s feet and the seat. In performing his work, Kenny welds a harness clip to the metal and runs two other machines that complete welds on the tunnel.

This is his third job since transferring here in August 1997 from Truck and Bus. After working in Trim and Paint, he moved to a mig welder job so that he could experience different operations. “I like to learn different jobs,” he said. “It’s interesting to see how the car comes along.” The Detroit transplant’s interests range far beyond the assembly plant. He and several other plant employees are members of a fledgling band called “Split Window” that plays “alternate southern country funk.” On weekends, he sometimes deejays for the local union or events like wedding receptions. A big part of Kenny’s life is religion. Besides attending church twice weekly, every Thursday he leads a group of youngsters in bible study. He is also enjoying his second year as a trustee for UAW Local 2164.

Friends and co-workers play an important part in his life, he points out. “I really appreciate the kindness and words of encouragement I received when I transferred here,” he said. “I try to pass it along to others when they come in. It’s people that make the difference.”

The 22 year GM veteran says he would love to own a Corvette, but then again, there’s also that nifty XLR coming in the near future. “I may just hold out for that,” he said.




Cadillac to produce luxury SRX

Cadillac will enter one of the fastest emerging market segments with the production of an all-new luxury crossover vehicle. The Cadillac SRX is one of five all-new Cadillac products planned for production during the next 18 months. It is expected to hit the market during the first half of 2003.

The Cadillac SRX was inspired by the 2001 Cadillac concept car, the Vizon,” said Mark LaNeve, Cadillac general manager, in a speech at the Automotive News World Conference in Dearborn.

This newest addition to the Cadillac family will demonstrate that we’re unafraid to lead in styling, performance and functionality. SRX will be another boldly designed product from Cadillac featuring unique product innovations that will allow us to expand our portfolio and attract new customers,” said LaNeve.

The Cadillac SRX is the division’s first-ever luxury crossover vehicle and its introduction positions Cadillac to compete in a segment it is not in today. The SRX name is consistent with the Cadillac product naming strategy. The first letter denotes the series. The second and third letters stand for reconfigurable and crossover.

The luxury crossover vehicle will be built at GM’s new state-of-the art Lansing Grand River Assembly Plant facility.




GM Now

Bob Lutz, GMNA chairman, provided a comprehensive overview of industry trends and discussed the ingredients necessary for GM’s success at the Motor Press Guild opening breakfast, which kicked off the Los Angeles Auto Show last week. Lutz advocated what he called a B- 2-B approach — back-to-basics. “Cut costs, eliminate waste, stay focused and create the proper environment for building the one thing that distinguishes automakers in good times or back: great product, he said.

The companies who fail will be the ones who lose their way, get bogged down in the periphery and move away from the basics of what the industry is all about. The companies who succeed will be those who stay focused on providing the 20 percent of the car that represents 80 percent of the importance to the buyer a great engine, great vehicle dynamics, great quality and, especially, great designs, both inside and out. Lutz believes that the expertise and passion to create great products are already in place at GM, and he pointed to the HUMMER H2 and Pontiac Vibe as two examples of vehicles that illustrate that passion and expertise.




GM RETAINS TOP SPOT FOR MANUFACTURER LOYALTY IN POLK STUDY . . .

The winners of the sixth annual Polk Automotive Loyalty Awards were announced at the 2002 North American International Auto Show, with GM retaining the top spot for overall manufacturer loyalty, and three GM vehicles winning in their respective segment. Buick LeSabre was the winner in the Large Car segment, Cadillac DeVille took the honors in the luxury car segment and Chevy Suburban was the Full-Size SUV winner.

The Polk Loyalty Award recognizes automotive manufacturers that retain their customers most successfully over the course of a model year, said Stephen Polk, chairman and CEO of R. L. Polk & Co. Repeat customers are the foundation of success in any marketplace, especially the highly competitive automotive industry. Loyalty is also a key measure of customer enthusiasm, the top VSSM priority.
 

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Thanks for posting JC! I'm glad were mentioned in September!!
 
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