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
Statistics Lithuania has calculated that, based on provisional data, FDI in Lithuania in 2009 amounted by 5.3 % more than in 2008. Also, direct investment of Lithuanian enterprises abroad grew by 13.9 % in 2009.
more »
Concerns about foreign fish being sold in Europe and what to do about the future of Europe's fisheries industry were aired in a hearing held by the Fisheries Committee on 8 April.
more »
EU opens public debate on its agricultural policy, the prelude to a major reform in 2013.
more »
The European Commission today launched a €35 million call for eco-innovation projects to be funded under the Competitiveness and Innovation Programme.
more »
Bank SNORAS group company Finasta Holding recruits all funds management and investment companies of the group in the Baltic States.
more »
The European Central Bank (ECB) and the European Commission are jointly holding a high-level conference on financial integration and stability at the ECB’s premises in Frankfurt am Main.
more »
Today, the European Central Bank (ECB) is publishing its fourth Report on Financial Integration in Europe, which notes the return towards integration in the European financial markets.
more »
World Bank Group financial commitments since July 2008, just before the full fury of the financial crisis hit, reached US$ 100 billion today as the institution helped countries respond to and recover from the global downturn.
more »
On March 31, 2010, the Executive Board of the International Monetary Fund concluded the Article IV consultation with Serbia.
more »
The International Monetary Fund and the United Kingdom’s Department for International Development have launched a new project to improve macroeconomic statistics in 23 African countries. DFID will provide US$7.5 million over the next five years to support the project.
more »