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
When you fill up your car with petrol you often find that your hand will reek of petrol unless you have worn gloves.
more »
The EU is going through its worst recession since WWII. Inflation has slowed, but employment and public finances are hard hit. The situation should stabilise in 2010.
more »
In the current economic environment, banks should carefully analyze the current and future total cost of ownership of their technology assets, and evaluate the outsourcing alternative.
more »
Commission proposes first EU law on hedge funds and issues guidelines on bank pay practices.
more »
On 30 April, Lithuania’s Minister of Foreign Affairs Vygaudas Ušackas took part in the round table discussion “The European Union’s External Trade Policy and Lithuania’s Positions: Threats and Possibilities for the Lithuanian Industry”.
more »
Since 28 April this year, the clients of AB Bank SNORAS will be able to process their financial matters in a clearer and more user-friendly environment of “Internet Bank+” system.
more »
2009 ageing report: Europe tackling the challenge of an ageing population but the recession threatens a setback.
more »
More choice, investment and security of supply lie at the heart of the 3rd energy package.
more »
Swine flu, a new strain of influenza, has so far left more than a hundred dead. But in one sector, the illness could have huge benefits.
more »
Central European bargain hunters are crossing borders for the best buys. Slovakian shoppers in Hungary are making the most of their new eurozone membership.
more »