General Motors chief executive officer Rick Wagoner spoke to media just minutes ago at a news conference following the White House’s decision to loan the automakers $17.4 billion. He expressed his confidence that GM would be able to meet the conditions, which include concessions from every level of the automaker.
Wagoner said that the automaker will “fully and rapidly” implement its restructuring plan, which includes shedding assets and cutting salaries across the board. Wagoner told the media that he will have “something to say” regarding the sale of Hummer during the first quarter of calendar year 2009 and that the automaker is still evaluating options for Saturn dealers. He did not mention Swedish automaker Saab , though it’s expected that GM will heavily market that luxury brand to outside buyers.
He called the federal loans a blueprint for the automaker’s next 100 years. He said that the automaker plans to reinvent itself and help lead an economic recovery for the United States.
The automaker has no plans to merge with Chrysler , Wagoner told the media. He said that the focus is on “executing the GM plan.”
