Auto Execs: There's Growth Out There
Automakers are definitely feeling the bumps in the road, with GM’s bankruptcy filing this week and the company's recent sale of its Hummer and Saturn brands.
But some of the industry’s top executives are still seeking growth in other regions around the world and implementing strategies they see as successful, despite the struggling economy:
Penske to Buy GM's Saturn
"The important thing is the partnership that we have established today to give us supply for the next two to three years. During that timeframe we have got a worldwide marketplace. We have had many people call us and tap us on the shoulder from the standpoint of future supply and at this point we have not picked a partner. But I can tell you we’ll look for someone who has clean vehicles, ones that meet the emissions requirements and the U.S. safety standards that hopefully if we can generate the volume here in the U.S. they will build a plant and produce those vehicles here in the U.S."
- Roger Penske, Penske Auto Group CEO
"We certainly have an opportunity to take cost out of the equation and continue to bring great vehicles to the marketplace at the right value proposition ultimately for the consumer and that’s what it’s all about taking care of the guests and bringing great products to the marketplace."
- Jill Lajdziak, Saturn general manager
Long Road Ahead for Luxury
"We focus more on the high end of the business. We have been able to hold out in the storm quite well. Coming out of very strong all-time record performance for our company globally in 2008. And having set up record sales and record profits we went into this economic storm in a position of strength. The strategy that we have adopted seems to be working out well for us. We have in the luxury sector been one of the top performers."
- Johan De Nysschen, Audi of America president
Tenneco's Expansion in China
"We see growth around the world. Virtually every region of the world in each of the next four to five years is rolling in more and more stringent regulations in both gasoline engines and diesel engines. China is a huge growth area for volume and today we did announce our sixth joint venture here in China up in Beijing to produce emission control systems for Beijing Automotive and their joint venture with Hyundai."
- Gregg Sherrill, Tenneco CEO
For more on the auto industry ...
- GM to Sell Saturn Brand to Penske
- Minn. Auto Magnate Files for Personal Bankruptcy