DETROIT — General Motors on Tuesday provided a wide-ranging look at its product plans as it goes through bankruptcy, assuring doubters that the Chevrolet Volt is still on track for a late-2010 launch. It also said that Saturn, which is up for sale, has 16 interested parties.
The product update came in a 90-minute press conference hosted by Ray Young, GM executive vice president and chief financial officer. He took pains to underscore the automaker's "commitment to advanced technologies."
"It is absolutely essential that we remain committed to reducing fuel consumption and greenhouse gas emissions," he told the media and auto analysts. "We plan to expand the use of smaller-displacement engines and turbocharging.... The Chevy Volt remains on track for a late-2010 launch."
He also said the automaker plans to expand its hybrid portfolio and noted that, by 2014, 65 percent of GM's vehicle fleet will have flex-fuel capability.
Young said that Saturn, which has been for sale, has generated interest from 16 suitors. He said he did not yet have a date for when a Saturn deal might be finalized. He characterized Saturn's suitors as "some financial investors, certain parties with interest [in] distribution of vehicles.
"The challenge on Saturn is trying to figure out the business model which will allow us to continue selling vehicles to a prospective purchaser or having a prospective purchaser seek another source of product," Young said. "These are complex issues. This is why the process is taking longer."
Young also clarified how GM's Opel subsidiary in Europe might operate under a deal in which a consortium led by Canadian auto-parts maker Magna, along with several Russian partners, is expected to take majority control.
He said Opel "will be run by the new GM Europe team. We've reorganized the legal entity so they report back to Adam Opel. Opel will be the center of the European organization. We anticipate [Opel] will continue to play a major role for us globally."
The changes at GM Europe are unlikely to result in any product launch delays, Young asserted.
"The Buick LaCrosse, we're launching now," he said. "The Chevrolet Cruze is in launch mode. With North America, we are one of the last places to launch [Cruze]. Most of the engineering focus [coming out of Europe] is on the new [Opel] Zafira, the new Meriva. Those are European launches."
Inside Line says: It appears that the Volt will not be a bankruptcy casualty, according to one of GM's top brass. — Anita Lienert, Correspondent
Add A Comment »