GO
Loading...

GM CEO: No Bankruptcy Plans, No Further Sell-Offs

GM will not consider selling or eliminating any brands besides Hummer and has no plans to declare bankruptcy, Richard Wagoner, General Motors chairman and CEO, said Thursday at the Dallas Chamber of Commerce.

"Our focus on all of our brands is, 'What can we do to make them more profitable?'" he said. "We take advantage of the products we have and in some cases how we want to evolve the product portfolio to the current world," he said.

Wagoner said the rationale behind a potential Hummer sale was because of the "pretty dramatic change in the circumstances" relating to high fuel costs. (See the accompanying video for more.)

GM expects consumers to continue responding to a declining economy and rising gas prices by switching to crossover vehicles, and the company is working to better suit buyers' demands, he said.

"Consumers are reacting in a very logical way, and we need to have the products that [react to] that," Wagoner said. "Meanwhile, those that really use the full capabilities of the SUV’s—whether it’s hunting, whether it’s off-road towing, work usage—we’ll have a great product for them there.”

GM will continue to align its production with anticipated demand, he said.

Symbol
Price
 
Change
%Change
GM
---

Featured

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • Discussing the huge demand for credit and weakness in the euro, with Keith Fitz-Gerald, Money Map Press; Steve Parker, JPMorgan Private Bank; Dennis Gartman, The Gartman Letter; and CNBC's Rick Santelli.

  • Are high taxes in New York City chasing away the rich? CNBC's Robert Frank reports 1 in every 22 New York City people is a millionaire.

  • CNBC's Sharon Epperson reports according to UBS, 52 percent of millennials are sitting in cash with less than one third of their assets in equities. Greg McBride, Bankrate.com senior financial analyst, weighs in.