The message from General Motors chairman and CEO was clear and direct: The company has no plans to cut anymore of its brands. I asked Wagoner about cutting the brands when I caught up with him after a speech here in Dallas.
The CEO says his company has plenty of liquidity. But at what cost?
This afternoon, GM investors got the kind of good news they've been craving for several months. Talking with analysts in Dearborn, Michigan, GM's Chairman and CEO Rick Wagoner said the company plans to save an additional $5 billion by 2011.
Slowdown talk hurts tech, commodities, defense stocks today. UBS downgrades IBM on concerns about a slowing in tech orders; Deutsche Bank downgrades Boeing and Goodrich. Commodities weak across the board—metals, steel, iron ore (2nd day in a row.) Defensive stocks—consumer, drugs all strong. Lilly upgraded at Morgan Stanley.
It still hasn't been built and it may not hit showrooms by the time people have been projecting. Yet, it's causing a puzzling amount of angst for investors and auto fans. I'm talking about the Chevy Volt, an electrically driven car GM is developing.
"We will improve results in the United States faster than people think," Rick Wagoner said after announcing investment plans in Brazil and Argentina.