Auto giant has not been able to raise market share.
Published:
10 December 1999 y., Friday
General Motors Corp. Vice Chairman Harry Pearce said the No. 1 auto maker_s management has "absolutely not delivered" on commitments to raise market share. Mr. Pearce_s blunt comments about GM_s declining market share came less than a week after the company reported flat November sales and a U.S. share of just 27.1%, the lowest level since the 1920s for a period not affected by a strike. Earlier this year, GM President G. Richard Wagoner and other senior GM North America executives told analysts the company had a "stretch goal" of boosting market share to 32% in 1999 from 29.2% in 1998.
Mr. Pearce_s comments carry great weight. He is well respected by GM_s outside directors and is considered the leading candidate to succeed Chairman and Chief Executive Officer John F. Smith.
A GM spokesman said the company_s top managers understand the company_s problems and are working on strategies to bring out new products that should turn sales around. Still, the comments from Mr. Pearce are likely to increase pressure on North American management.
Mr. Wagoner wasn_t available for comment Wednesday, a GM spokesman said. Early last month, before November sales were released, Mr. Wagoner argued to reporters that GM_s market-share decline was partly the result of much-larger-than-expected U.S. sales.
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
European Commission Vice-President Siim Kallas, responsible for transport, today presented to the College a preliminary assessment of the economic consequences for the air transport industry of the volcanic ash crisis.
more »
Boosting economic recovery, investing in Europe's youth and in tomorrow's infrastructures are the priorities of the 2011 draft budget adopted by the Commission on 27 April 2010.
more »
European Competition Commissioner Joaquín Almunia welcomes proposed commitments by Visa Europe to significantly cut its multilateral interchange fees (MIFs) for debit card payments.
more »
Because of the Icelandic volcano, flower growers in Colombia couldn't get their stems to markets in Europe.
more »
The Second Vice President of the Spanish government and Minister of Economy and Finance, Elena Salgado, on Sunday played down the importance of apparent fissures within the EU concerning the Greek financial crisis, expressing her confidence that all countries would support the aid package for this country, which will be accompanied by a tough budget-tightening plan.
more »
Commission launches an information campaign on the CE conformity mark - designed to ease the free movement of goods around Europe and protect consumers.
more »
If Europe's airports ever open again the introduction of new security measures like body scanners will be expensive.
more »
After Eurozone Finance Ministers agreed measures to address Greece’s financial woes last Sunday, MEPs quizzed leading economic figures, including the chairman of Goldman Sachs - former financial advisors to the Greek government - on how to strengthen EU economic governance and improve reporting of national statistics.
more »
The European Tourism Stakeholders Conference, being held in Madrid today and tomorrow, will explore ways and means to strengthen the visibility of tourism at a European level and to verify how the actions to promote a competitive EU tourism industry.
more »
The European Bank for Reconstruction and Development (EBRD), World Bank Group member IFC, and The Netherlands Development Finance Company (FMO) have joined up with the Asia Debt Management Hong Kong (ADM Capital) to establish a regional fund to invest in midsize companies facing financing difficulties as a result of the financial crisis.
more »