GM To Proceed With Exploratory Discussions With Re

[evok]

http://media.gm.com/servlet/GatewayServlet...=74&docid=27165

FOR RELEASE: 2006-07-07

GM To Proceed With Exploratory Discussions With Renault, Nissan

North American turnaround strategy remains top priority

DETROIT - The General Motors Board of Directors today endorsed a recommendation by the company's senior management that it engage in exploratory discussions with Renault and Nissan regarding GM's potential participation in an alliance among the three companies.

"The GM Board of Directors authorized management to proceed with its plan to consider ideas the other two companies have and to weigh the potential benefits of such an alliance in order to assist the Board in its decision making," said GM Director George Fisher. "Management will keep the Board well informed and the directors, of course, will closely monitor the process to assure that its outcome serves the best interests of all GM shareholders. The Board continues to fully support the company's North American turnaround strategy, and we encourage management to also continue its efforts to conclude a satisfactory resolution of the issues associated with the Delphi bankruptcy and to complete the pending GMAC transaction."

The Board action was taken in response to a request made by Tracinda Corporation, one of GM's larger shareholders, and to expressions of interest made public by the respective boards of Renault and Nissan.

GM Chairman Rick Wagoner will lead the company's effort to conduct exploratory talks with the managements of Renault and Nissan.

"General Motors has a lot of experience with different types of alliances, and some have provided significant benefits to GM's competitive position and financial strength," said Wagoner. "We will enter into discussions with the managements of Renault and Nissan with an open mind - eager to hear their ideas of how an alliance between our companies might work to our mutual benefit. Given the complexity of any potential relationship, it has to be carefully considered on its merits before coming to any conclusion. We are committed to an objective and thorough review of that potential."

Wagoner noted that when the idea of joining an alliance with Renault and Nissan was first suggested to him, he promptly contacted Carlos Ghosn and the two leaders agreed to meet at a mutually convenient time to have an initial exploratory discussion.

"We periodically receive interesting proposals and we owe it to the company and its shareholders to explore how they might work, and to objectively weigh the potential benefits and issues that each might present," Wagoner said. "That is exactly what we recommended to the GM Board in this specific case, and exactly what it has agreed we should do."

In the meantime, both Wagoner and Fisher noted that it is crucial for General Motors to stay focused on implementing its North American turnaround strategy.

"We announced this strategy about one year ago, and have made tremendous progress in implementing all the key initiatives," Wagoner said. "The positive results from these major actions are already evident. We have some major items that we are working on right now that are important to our continued progress, including the Delphi restructuring and the GMAC transaction. So there's plenty more work to do to return our North American operations to sustained profitability. We remain focused on achieving this as quickly as possible."

Edited July 7, 2006 by evok

[-Camaro-]

Ok, I didn't read everything, but what exactly can GM gain from this? We all know Nissan's in it for the saftey technology.

[evok]

I think that is the point of me posting the article, for people to read it.

If you actually read it you might understand the situation just a little bit better.

[sciguy_0504]

Ok, I didn't read everything, but what exactly can GM gain from this? We all know Nissan's in it for the saftey technology.

163810[/snapback]

What safety technology? Infiniti has some technologically advanced safety systems.

[-Camaro-]

I think that is the point of me posting the article, for people to read it.

If you actually read it you might understand the situation just a little bit better.

163813[/snapback]

Yes, but unless I just missed it all it talks about is GM considering it and how their turnaround plan is evident....

What safety technology?  Infiniti has some technologically advanced safety systems.

163815[/snapback]

That was said in another article in another thread...

Edited July 7, 2006 by -Camaro-

[zhawk]

It's good that they will hold these talks. The alliance may wind up being some sharing of systems and technologies or it might be something bringing the companies much closer. Or nothing may happen. This shows that they are willing to consider all options.

I am glad the reiterate their commitment to turning around GMNA.

[evok]

It's good that they will hold these talks. The alliance may wind up being some sharing of systems and technologies or it might be something bringing the companies much closer. Or nothing may happen. This shows that they are willing to consider all options.

I am glad the reiterate their commitment to turning around GMNA.

163821[/snapback]

EXACTLY

[97regalGS]

I think that is the point of me posting the article, for people to read it.

If you actually read it you might understand the situation just a little bit better.

163813[/snapback]

perhaps next time you could just post a picture so the ________ people don't have to actually read anything.

the fact that people don't want to read anymore is just 'ludicras'

[Guest buickman]

Interpretation: The banks are ready, willing, and able to facilitate asset dispersion for their inevitable fee.

[97regalGS]

Interpretation: The banks are ready, willing, and able to facilitate asset dispersion for their inevitable fee.

163844[/snapback]

hey camaro, is this sentence short enough that you can read the whole thing?

P.S. don't waste time to try and understand it though. The BM speaks in Buickese, which is not translateable to english. or any other known language.

[zhawk]

hey camaro, is this sentence short enough that you can read the whole thing?

P.S.  don't waste time to try and understand it though. The BM speaks in Buickese, which is not translateable to english. or any other known language.

163850[/snapback]

Actually, from some of the posts I have seen, he speaks in idiot.

Back to the subject, I see this as Rick and the board want to really fix GM and bring it back to the status it deserves.

[97regalGS]

Actually, from some of the posts I have seen, he speaks in idiot.

Back to the subject, I see this as Rick and the board want to really fix GM and bring it back to the status it deserves.

163854[/snapback]

I see it as PR spin.

wtf else are they going to say? Nissan blows, Renault sucks, Carlos is an ass and KK is a dimwit? not likely.

or

hey, that's an interesting idea. let's pursue that, let's have some discussion, evaluation, interpretation, discuss synergies, look for the win-win, drive cost efficiencies. we'll roll up our sleeves, dig in and analyze the situation. then at the end of the day, gee, you know what, it didn't quite work out, but it was a great idea Kirk. got any more?

Edited July 7, 2006 by 97regalGS

[zhawk]

Even if it is what you said, 97regal, it should get Kirk off their back for a while and allow most of GM to continue getting the ship turned around.

Hmm, the longer the talks go the better it could be.

OK, so that's the cynic in me talking.

[ToniCipriani]

Maybe...

Give them Hydramatics in return for VQs?

[evok]

Hmm, the longer the talks go the better it could be.

OK, so that's the cynic in me talking.

163870[/snapback]

Are you refering to KK, kicking the bucket?

[sciguy_0504]

That was said in another article in another thread...

163819[/snapback]

Ahhh, ok. Must not have seen it.

[zhawk]

Are you refering to KK, kicking the bucket?

163880[/snapback]

That was not my thought but it is one to consider.

I was thinking that as long as they are discussing this and keep talking, it gives GM a chance to continue their turnaround and may keep KK off of their backs a bit.

[Spike]

This is the best route for GM to take. If they say that they are not interested in a R-N alliance and let it die, it can be perceived by wall street that GM does not sense the urgency of their current state or is arrogant in receiving help. If GM says they are very interested in forming the alliance then it can be perceived that they are desperate in their current situation. Continuing to state that their priority is to turn GM to profitability, the company allows themselves the opportunity to build a case as to why or why not this is a sound decision. This is definitely a smart move.

I wonder though what the dynamic is like among the BOD. They must resent York for meeting with Ghosn prior to discussing it with the other members. I think that this is analogues with a jury in a criminal trial. With one juror making their intentions clear about the defendant, while the others try to objectively make a decision.

[Guest Josh]

hey camaro, is this sentence short enough that you can read the whole thing?

P.S.  don't waste time to try and understand it though. The BM speaks in Buickese, which is not translateable to english. or any other known language.

163850[/snapback]

I'm really, really getting tired of seeing your posts with the only intention is to berate or degrade somebody on this forum.

Get over yourself already.

[Flybrian]

I'd like to take this moment to remind everyone that respect is a two-way street. Let's not call out anyone for anything. This is intended for everyone.

[97regalGS]

I'm really, really getting tired of seeing your posts with the only intention is to berate or degrade somebody on this forum.

Get over yourself already.

163897[/snapback]

i have a better idea. why don't you hurry up and start that other web site you were blathering about. and make sure you take the BM with you.

you can spend all day talking about every spyshot being a mule for the Blue Devil, products that have been shelved and working on the next 250 steps that will save GM.

btw, my comment to camaro was tongue in cheek. but really, who starts off a post with "I didn't read the post, but here's my comment on it".

[z28luvr01]

All right, that's it. The mudslinging stops here. Next person to fire a shot at another member gets their warning level raised.

I'd also like to point out that words on a screen are nothing more than words on a screen. It's rather difficult to tell what emotion is behind them, being tongue-in-cheek or downright disrespectful. We're friendly here and we intend to keep it that way.

This topic has the potential to be one of the biggest stories of the year at GM, if not ever. Let's give it the discussion it deserves. Thanks.

[-Camaro-]

Actually, from some of the posts I have seen, he speaks in idiot.

Back to the subject, I see this as Rick and the board want to really fix GM and bring it back to the status it deserves.

163854[/snapback]

Yes, from the posts you have seen. I don't even post here much, you don't know anything about how I post and I doubt you have seen any of my posts. Same goes for that 97regalGS guy... You guys are just too quick to assume things and I'll end it at that.

Back to the topic, I just skimmed it and didn't see anything that said how it would benefit them(that was my question). I've read it since then and still nothing. If you don't know the answer, don't reply to my post...

Edited July 7, 2006 by -Camaro-

[thegriffon]

I just skimmed it and didn't see anything that said how it would benefit them(that was my question). I've read it since then and still nothing. If you don't know the answer, don't reply to my post...

163924[/snapback]

That's what GM would like to know as well. They already have co-operation agreements with Renault and probably don't see why they need to sell any stock for any further co-operation. After all co-operation with Suzuki and Isuzu continues without any major stock ties, and Peugeot and Ford have a broad co-operation agreement without equity ties as well.

[hyperv6]

I think GM has to have some talks on this deal even if they don't plan to go through with it right now. Wall street would be all over them if they don't hear out all possibilities as just being good buisness.

Now on the other hand they may find ways to work together in ways not even thought of yet due to talks they have now. Information is power.

[regfootball]

hey camaro, is this sentence short enough that you can read the whole thing?

P.S.  don't waste time to try and understand it though. The BM speaks in Buickese, which is not translateable to english. or any other known language.

163850[/snapback]

please translate buickese to me, here we go

"red crushed velour tufted seats"

"simulated woodgrain"

"simulated vinyl top"

"engine, 1960's vintage"

"floating down the highway"

"those f'ing manifold gaskets!!!!"

"armrest cupholders"

"flop over in turns"

thanks!

Edited July 7, 2006 by regfootball

[zhawk]

Yes, from the posts you have seen. I don't even post here much, you don't know anything about how I post and I doubt you have seen any of my posts. Same goes for that 97regalGS guy... You guys are just too quick to assume things and I'll end it at that.

Back to the topic, I just skimmed it and didn't see anything that said how it would benefit them(that was my question). I've read it since then and still nothing. If you don't know the answer, don't reply to my post...

163924[/snapback]

Camaro- my comment about idiot was not aimed at you, sorry I was not specific about that. I have seen many of your posts since we are both Camaro fans and I tend to look for about anything with the word Camaro in it. Your posts have never led me to say anything derogatory about you at all. Again, sorry if the way I wrote my comment led you to believe I was talking about YOU being an idiot. Please, chalk up that ambiguity to me being still awake after working a long and tiring graveshift.

[I hope GMRULES again]

That's the kind of response I was expecting from GM. Wonder how much time they'll spend studying the idea, a couple of weeks or a months who knows or until KK gets impatient again.

[97regalGS]

Yes, from the posts you have seen. I don't even post here much, you don't know anything about how I post and I doubt you have seen any of my posts. Same goes for that 97regalGS guy... You guys are just too quick to assume things and I'll end it at that.

Back to the topic, I just skimmed it and didn't see anything that said how it would benefit them(that was my question). I've read it since then and still nothing. If you don't know the answer, don't reply to my post...

163924[/snapback]

nothing against you personally camaro. but, come on, it probably takes like 90 seconds to read that article and if you didn't read it, then why comment on it?

zhawk's comment about speaking idiot was referring to Buickman.

[76ChevyTrucker]

I like the answer, nothing definite, just a "we'll look into it". Its also good to see that they're committed to getting GMNA turned around to making a profit. I think that they should continue talking with N-R until GMNA is making some money, THEN see if they still have anything to put on the table.

[The O.C.]

P.S.  don't waste time to try and understand it though. The BM speaks in Buickese, which is not translateable to english. or any other known language.

163850[/snapback]

.....plus the flapping of his butt cheeks as he speaks (where most of his conversation comes from) distorts the overall impact of his banter and makes it more difficult to understand at times.....

(childish, I admit.....but I couldn't resist!)

[wpbharry]

I'm really, really getting tired of seeing your posts with the only intention is to berate or degrade somebody on this forum.

Get over yourself already.

163897[/snapback]

Oh sweety, did you learn what irony was in high school? Probably not. You telling someone else to get over themselves? Oh my. That's like me telling a pill popper not to take pills.

We're all tired of you hon, please just go away like you said you would. You have the new site now with your 13 members.