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
In another move to strengthen the financial system, the Commission is proposing controls on credit rating agencies - private companies that evaluate financial risks for investors.
more »
Monday 10 November saw a large report land on the desk of MEPs in the Budgetary Control Committee.
more »
EU wants G20 meeting to pave the way for reform of the international financial system.
more »
New Yorkers reflect on the election of Barack Obama as the 44th President of the United States.
more »
The ability of the EU's common agriculture policy (CAP) to cope with the challenges of affordable food and climate change was discussed in Brussels 3-4 November.
more »
European Union economic growth should be 1.4% in 2008, half what it was in 2007, and drop even more sharply in 2009 to 0.2% before recovering gradually to 1.1% in 2010 (1.2%, 0.1% and 0.9%, respectively, for the euro area).
more »
There are an estimated 4-8 million immigrants working illegally in the European Union.
more »
Hit by economic turmoil and the sharp global downturn, growth in the EU slows almost to a halt.
more »
The top priority is to cushion the impact of the financial crisis on jobs, purchasing power and prosperity of EU citizens.
more »
The International Monetary Fund has approved short-term financing to help emerging market economies weather the global financial storm.
more »