This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

GM Places Priority on Paying Down Loans

DETROIT ( TheStreet) -- The 2010 agenda for the restructured General Motors is to pay back government loans, go public and " make this country proud of this company again," says Mark Reuss, newly appointed president of GM North America.

Reuss and Susan Docherty, the vice president of vehicle sales, service and marketing operations, laid out corporate goals on a conference call with reporters Tuesday, in the automaker's first detailed comments on the impact of a management shakeup last week that included the departure of CEO Fritz Henderson.

Both emphasized that the company's most important task, and the path to success, is to make vehicles the public wants to purchase. Reuss noted the company's bankruptcy has "added clarity in the company that we haven't had for a long time."

Docherty said another goal is reducing the level of GM incentives, currently the highest in the auto industry. "We're going to earn our market share, that's where the big difference is," she said. "I'm not proud of the fact that we've been the incentive leader. There's lots of things I'd like to be the leader in and it certainly isn't in incentives."

Another change, she said, is that GM will not chase market share. "We don't want to be in the situation where we're jamming cars into the marketplace (just for share)," she said. "That's bad behavior."

Chairman and CEO Ed Whitacre is slated to answer reporters' questions during an online e-mail session Tuesday afternoon. Docherty noted that, while he is not an auto expert, Whitacre is "pretty clear that he wants people to perform." When she recently explained to him that she has a problem because of short supply of a product, "he's pretty clear with me that he expects me to solve it," she said. "I certainly know where I stand in terms of what his expectations are of me."

Shares of fellow U.S. automaker Ford Motor Co.> (F - Get Report) were down 4 cents at $8.86 in recent trades.

-- Written by Ted Reed in Charlotte, N.C. .

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
F $11.55 0.00%
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs