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‘New’ GM still remains committed to Chevy Volt

US carmaker General Motors (GM) may have filed for bankruptcy protection in the US, but it remains committed to the Chevy Volt, its plug-in hybrid vehicle, says the company.

According to a statement from GM, the company has reached agreement with the US and Canadian government to form a new, leaner enterprise – ‘New GM’.

New GM will launch in two to three months’ time as a new entity, which will focus on four core brands (Chevrolet, Cadillac, Buick and GMC) and investment in green, energy-saving technologies.

“From day one, the New GM will be well-positioned to capitalize on the award-winning vehicles we have developed and launched during the past few years, and on our investments in exciting new technologies like the Chevy Volt,” said GM president and CEO Fritz Henderson.

“The economic crisis has caused enormous disruption in the auto industry, but with it has come the opportunity for us to reinvent our business. We are going to do it once and do it right,” he added.

The company said it remains committed to improving the fuel efficiency of its vehicles to meet or exceed new US regulations. It also wants to push ahead with advanced propulsion technology and still claims it will launch the Chevrolet Volt extended range electric vehicle next year, adding that it expects to have 14 hybrid models in production by 2012. By 2014, says GM, 65% of its vehicles will be alternative-fuel compatible.

“The New GM will become a long-term global leader in the development of fuel-efficient and advanced-technology vehicles,” commented Henderson.

The announcement does not over GM operations outside the US and Canada. In Europe, talks are underway with Magna International to acquire the Opel and Vauxhall brands. In the meantime, GE Europe has secured bridging finance of €1.5 billion from the German government.

For further information:
www.GM.com/restructuring
www.gm.com

03 June 2009

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