English 
English Welcome
on East Filters
Looking for auto parts? Please click below.
Our products
Racor Fuel filter/Water Separator
Oil water separator parts
Sakura Filters Equivalent
Fuel filter accessory
Top Searches
Oil filter
Fuel filter
Air filter
Oil water separator
Fuel water separator
Racor
Volvo
Caterpillar
Benz
Perkins
Scania
Komatsu
MAN
HINO
Iveco
TOYOTA
GM CEO says company in a 'crisis'
He said the 10,000 salaried job cuts announced today are 'a painful part of readjusting the organization globally to the realities of a significantly smaller automotive market.'
He said pay cuts of up to 10 percent for salaried employees are not permanent.
'Obviously the salary reductions are temporary and I think very specifically address the current kind of crisis that we're in -- the funding crisis,' Wagoner told The Detroit News.
In December, GM told Congress it planned to shutter nine plants by 2012, cut up to 31,000 employees and close, shrink or sell its Saab, Pontiac, Saturn and Hummer brands. Since then, auto sales have continued to plummet. GM saw its U.S. sales fall by 49 percent last month, according to Autodata Corp.
President Bush agreed to loan GM $13.4 billion in December, but the company must show it can be viable by March 31 or the Treasury Department could recall the loans.
Wagoner declined to discuss whether the updated plan would go beyond what it told Congress in December. The News and other outlets have reported that GM plans to tell Congress it will close additional plants.
'There's a lot of pieces coming together,' Wagoner said. 'We're making progress and I think we'll be able to have a very good and convincing update on 17th.'
Wagoner also confirmed GM was talking to Delphi about potentially taking back some Delphi parts plants.
'We're talking to the Delphi management team and the interested parties there about a range of options and so I can't rule that out but we don't have any agreement on that right now,' Wagoner said.
Wagoner spoke briefly to reporters after meeting with Rep. Henry Waxman, D-Calif., the new chairman of the House Energy and Commerce Committee for about 30 minutes in his Capitol Hill office. The discussion included talks about climate issues and other auto issues, Wagoner said.
'I appreciated the chance to sit down,' Wagoner said. 'Obviously the chairman is very well-informed on the issues.'
Waxman is a strong proponent of allowing California and 13 other states the right to impose their own tailpipe emissions limits. Automakers strongly oppose that effort.
President Barack Obama ordered the EPA to reassess California's request for a waiver under the Clean Air Act to impose its own standards.
Earlier, Wagoner met with Rep. Sander Levin, D-Royal Oak, and Sen. Carl Levin, D-Detroit. He held separate meetings with Sen. Jay Rockefeller, D-W.Va., chairman of the Senate and Rep. Ed Markey, D-Mass., chairman of the House Select Committee on Energy Independence and Global Warming.
Despite reports that the Obama administration is considering a government-financed bankruptcy, Sen. Levin, who met with Treasury officials on Monday and Wagoner on Tuesday, said he had 'no evidence of that.'
Levin said he thought the companies would almost certainly be unable to emerge from bankruptcy, and pointed, as he did throughout the Senate debate over the auto bailout in December, to the fact that other nations have provided billions of dollars to aid their own struggling carmakers.
He said pay cuts of up to 10 percent for salaried employees are not permanent.
'Obviously the salary reductions are temporary and I think very specifically address the current kind of crisis that we're in -- the funding crisis,' Wagoner told The Detroit News.
In December, GM told Congress it planned to shutter nine plants by 2012, cut up to 31,000 employees and close, shrink or sell its Saab, Pontiac, Saturn and Hummer brands. Since then, auto sales have continued to plummet. GM saw its U.S. sales fall by 49 percent last month, according to Autodata Corp.
President Bush agreed to loan GM $13.4 billion in December, but the company must show it can be viable by March 31 or the Treasury Department could recall the loans.
Wagoner declined to discuss whether the updated plan would go beyond what it told Congress in December. The News and other outlets have reported that GM plans to tell Congress it will close additional plants.
'There's a lot of pieces coming together,' Wagoner said. 'We're making progress and I think we'll be able to have a very good and convincing update on 17th.'
Wagoner also confirmed GM was talking to Delphi about potentially taking back some Delphi parts plants.
'We're talking to the Delphi management team and the interested parties there about a range of options and so I can't rule that out but we don't have any agreement on that right now,' Wagoner said.
Wagoner spoke briefly to reporters after meeting with Rep. Henry Waxman, D-Calif., the new chairman of the House Energy and Commerce Committee for about 30 minutes in his Capitol Hill office. The discussion included talks about climate issues and other auto issues, Wagoner said.
'I appreciated the chance to sit down,' Wagoner said. 'Obviously the chairman is very well-informed on the issues.'
Waxman is a strong proponent of allowing California and 13 other states the right to impose their own tailpipe emissions limits. Automakers strongly oppose that effort.
President Barack Obama ordered the EPA to reassess California's request for a waiver under the Clean Air Act to impose its own standards.
Earlier, Wagoner met with Rep. Sander Levin, D-Royal Oak, and Sen. Carl Levin, D-Detroit. He held separate meetings with Sen. Jay Rockefeller, D-W.Va., chairman of the Senate and Rep. Ed Markey, D-Mass., chairman of the House Select Committee on Energy Independence and Global Warming.
Despite reports that the Obama administration is considering a government-financed bankruptcy, Sen. Levin, who met with Treasury officials on Monday and Wagoner on Tuesday, said he had 'no evidence of that.'
Levin said he thought the companies would almost certainly be unable to emerge from bankruptcy, and pointed, as he did throughout the Senate debate over the auto bailout in December, to the fact that other nations have provided billions of dollars to aid their own struggling carmakers.
