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GM savings scheme may arrive earlier
GENERAL Motors Corp, seeking to speed up the restructuring plan announced last month, has said it may be able to reap more of the US$10 billion in projected savings this year instead of in 2009.
The slumping United States auto market also may force GM to rethink some of its strategies for the GMAC LLC finance unit and the creation of an independent union retiree health-care fund, Chief Financial Officer Ray Young said on Wednesday at a JPMorgan & Chase Co automotive conference in Dearborn, Michigan, attended by Bloomberg News.
Faster savings would afford CEO Rick Wagoner more flexibility under the plan he announced on July 15 to boost liquidity by as much as US$17 billion. The moves will give GM the cash to operate through next year, Wagoner has said.
'We're accelerating all of this stuff,' Young said. 'We hope to realize a lot of the savings this year compared to our original plan we developed back in July.'
Young's comments in a Webcast presentation came after Moody's Investors Service lowered GM's credit rating to Caa1, one step further into junk status, on concern that falling American sales will hurt efforts to improve cash flow at the world's largest auto maker.
Among the savings that may be accomplished in 2008 instead of 2009 were some of GM's capital-spending reductions, Young said.
GM had projected that all the benefits from capital-spending and structural-cost cuts would come next year, along with 60 percent of the savings from delaying a payment to a union-retirement fund, Young said. Detroit-based GM will save about US$800 million over the two years by suspending a 25-cents-a-share quarterly dividend.
Growth in emerging markets would continue to help offset losses in North America and new products would be cheaper to build, Young said. GM has lost US$69.8 billion since the end of 2004, its last profitable year.
The US$1 billion GM tapped from a revolving line of credit, announced as part of the US$15.5 billionsecond-quarter loss, was meant to 'test the mechanism' of that borrowing and help meet costs at a 'seasonal low point,' Young said.
When asked when that loan would be repaid, Young said GM would monitor the industry's performance over the 'next couple months.'
GM burned through US$3.6 billion in the second quarter and said on August 1 that its supply of cash, marketable securities and other funds available fell to US$21 billion on June 30 from US$23.9 billion at the end of the first quarter.
Should the US auto market shrink further, GM eventually may have to reconsider the union-run fund for US retiree health-care benefits being created under the 2007 contract with the United Auto Workers.
Union members at GM agreed on October 10 to let GM pay US$31.9 billion into a Voluntary Employee Beneficiary Association to cover a US$47 billion health-care liability.
The slumping United States auto market also may force GM to rethink some of its strategies for the GMAC LLC finance unit and the creation of an independent union retiree health-care fund, Chief Financial Officer Ray Young said on Wednesday at a JPMorgan & Chase Co automotive conference in Dearborn, Michigan, attended by Bloomberg News.
Faster savings would afford CEO Rick Wagoner more flexibility under the plan he announced on July 15 to boost liquidity by as much as US$17 billion. The moves will give GM the cash to operate through next year, Wagoner has said.
'We're accelerating all of this stuff,' Young said. 'We hope to realize a lot of the savings this year compared to our original plan we developed back in July.'
Young's comments in a Webcast presentation came after Moody's Investors Service lowered GM's credit rating to Caa1, one step further into junk status, on concern that falling American sales will hurt efforts to improve cash flow at the world's largest auto maker.
Among the savings that may be accomplished in 2008 instead of 2009 were some of GM's capital-spending reductions, Young said.
GM had projected that all the benefits from capital-spending and structural-cost cuts would come next year, along with 60 percent of the savings from delaying a payment to a union-retirement fund, Young said. Detroit-based GM will save about US$800 million over the two years by suspending a 25-cents-a-share quarterly dividend.
Growth in emerging markets would continue to help offset losses in North America and new products would be cheaper to build, Young said. GM has lost US$69.8 billion since the end of 2004, its last profitable year.
The US$1 billion GM tapped from a revolving line of credit, announced as part of the US$15.5 billionsecond-quarter loss, was meant to 'test the mechanism' of that borrowing and help meet costs at a 'seasonal low point,' Young said.
When asked when that loan would be repaid, Young said GM would monitor the industry's performance over the 'next couple months.'
GM burned through US$3.6 billion in the second quarter and said on August 1 that its supply of cash, marketable securities and other funds available fell to US$21 billion on June 30 from US$23.9 billion at the end of the first quarter.
Should the US auto market shrink further, GM eventually may have to reconsider the union-run fund for US retiree health-care benefits being created under the 2007 contract with the United Auto Workers.
Union members at GM agreed on October 10 to let GM pay US$31.9 billion into a Voluntary Employee Beneficiary Association to cover a US$47 billion health-care liability.
