General Motors has received more than $47 billion from the federal government over the last few months, but the Detroit automaker will be limited to a $40 million to $50 million monthly advertising budget while under Chapter 11 bankruptcy protection.
GM had been rather mum on its advertising budget while under bankruptcy protection, but GM marketing head Mark LaNeve revealed the information last night in an interview with Advertising Age, a sister publication of Automotive News.
That monthly budget – set by President Obama’s auto task force – will cover GM during its 60 to 90 days of bankruptcy. In all, GM’s bankruptcy ad budget will total somewhere between $80 million and $150 million.
In contrast, the auto task forced only allowed Chrysler about a $30 million a month ad budget while it was in bankruptcy. Chrysler had requested a $60 million a month ad budget.
While most of GM’s ad budget will go towards promoting its four core brands, a portion will be set aside to promote the GM corporate brand in a bid to curtail some of the company’s recent negative news.
