State of the Union August 12

August 12, 2010 online at www.uawlocal2250.com


This morning’s gate drive for SOS (Support our Soldiers) collected $2004.04. This is another tremendous result from just a one-shift operation! Thanks to all who donated their money and time to this great cause.

General Motors Company today announced its second quarter 2010 results, marked by revenue of $33.2 billion and net income attributable to common stockholders of $1.3 billion, resulting in earnings per share on a diluted basis of $2.55. GM's second quarter earnings before interest and tax (EBIT) was $2.0 billion. GM North America had EBIT in the second quarter 2010 of $1.6 billion, up from $1.2 billion in the first quarter. GM Europe had a loss before interest and taxes of $0.2 billion, an improvement of $0.3 billion from the first quarter. GM International Operations posted EBIT of $0.7 billion, down from $1.2 billion in the first quarter. Cash flow from operating activities was $3.9 billion and after adjusting for capital expenditures of $1.1 billion, free cash flow was $2.8 billion. GM ended the second quarter with $32.5 billion in cash and marketable securities, including funds in the Canadian Health Care Trust escrow. "I am pleased with our progress on achieving our business objectives,” said Chris Liddell, vice chairman and chief financial officer. “We have delivered strong product, maintained cost discipline, progressed strategic initiatives such as restructuring Europe and acquiring AmeriCredit, and delivered two consecutive quarters of profitability and positive cash flow."

From Automotive News: GM has secured a $5 billion credit facility, two people briefed on the bank deal said Wednesday. GM now plans to file a registration for its IPO on Friday according to these sources. The GM IPO, expected to be the largest ever for the U.S. market, is likely before the U.S. Thanksgiving holiday, one of the sources said.

Future product plans for GMC from Automotive News are on the back:

Here are GMC's plans for the 2011-13 model years.

Terrain: The five-seat crossover may get a high-end Denali version in the 2012 model year. A freshening will come in the 2013 model year. The Terrain may receive a hybrid version around the 2014 model year.

Acadia: This crossover gets a freshening in the 2012 model year, along with a 3.0-liter V-6 engine instead of its current 3.6-liter version.

Yukon, Yukon XL: GM has decided to introduce a next-generation, truck-based Yukon SUV, rather than put the vehicle on its Lambda crossover platform. The next generation will appear in the 2014 model year, likely sharing some sheet metal with the Sierra pickup to cut costs.

Around that time, GM may upgrade the Yukon's two-mode hybrid -- whose planetary gears and two electric motors save fuel -- to a four-mode version, which would improve efficiency in a wider range of driving and towing situations.

Canyon: GM will idle its plant in Shreveport, La., by June 2012, discontinuing the Canyon. A decision to reintroduce a compact pickup isn't expected for at least a couple of years after that.

GM will sell a next-generation global Chevrolet Colorado -- the Canyon's current sibling -- outside the United States, and that vehicle could come here. But GM is leaning toward an even smaller design.

Sierra 1500: A compressed natural gas version probably will appear in 2012, and the pickup will be re-engineered and restyled for the 2014 model year.

Sierra 2500, 3500: GM re-engineered its heavy-duty pickups for the 2011 model year. A restyle is expected in the 2014 or 2015 model year. These pickups also will get compressed natural gas versions in about two years.

Savana: The van gets compressed natural gas capability in the 2011 model year.