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
The European Commission has decided to grant an extension of the deadline for the divestment of Fortis' corporate banking business, consisting of Hollandsche Bank Unie N.V. (HBU), two corporate client departments, 13 "Advieskantoren" and ABN AMRO's Dutch factoring activities to Deutsche Bank.
more »
MEPs will vote on an emergency plan to help the crisis-stricken sector dairy sector on Thursday after the Agriculture Committee approved the Commission's proposal on Monday evening in Strasbourg.
more »
The EBRD is boosting competition in the Montenegrin retail sector with a loan to expand the supermarket network of one of the leading retailers in the country.
more »
Redmond, Wash. — Oct. 16, 2009— On Oct. 19, Microsoft CEO Steve Ballmer heads to the sold-out Microsoft sharepoint Conference in Las Vegas where he will address more than 7,000 sharepoint customers, partners and developers.
more »
Proposals tabled for collaboration on sea surveillance, bigger EU role in global maritime affairs and sustainable fishing.
more »
$50 million financing package for agricultural commodities operator.
more »
Seeking to increase sheet-metal production volumes, Stansefabrikken decided to move all company’s production from Lillesand (Norway) to Stansefabrikken’s successfully operating factories in Lithuania.
more »
The European Economic and Social Committee (EESC) and the European Commission Representation in Finland jointly organise a conference in Helsinki on 22 and 23 October on "The Baltic Sea Region: the best place to work and do business".
more »
Why did economy rise drastically turn into painful decline and what price will every of us have to pay for that?
more »
The economies of central and eastern Europe are expected to contract by an average of 6.3 per cent in 2009 following steep output declines in the first half of the year.
more »