SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported) February 22, 2001
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GENERAL MOTORS CORPORATION
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(Exact name of registrant as specified in its charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313)-556-5000
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ITEM 9. REGULATION FD DISCLOSURE
On February 22, 2001, General Motors Corporation (GM) issued a press
release outlining their financial objectives for 2001. The release is as
follows:
GM OUTLINES FINANCIAL OBJECTIVES FOR 2001
DETROIT - General Motors Corporation will outline the next steps in its
continued drive to strengthen the company's competitiveness, improve operating
results, and deliver value consistently to its shareholders at its annual
conference for securities analysts and institutional investors today and
tomorrow.
GM President and Chief Executive Office Rick Wagoner will state, "Our plan
for General Motors is clear -- innovative products and services, leadership in
e-business, grow our business in emerging markets such as Asia, and generate
excellent business results. We are accelerating our progress toward achieving
these with a disciplined approach."
In addition to confirming its earlier forecast and goal of total calendar
year earnings of $4.25 and confirming analysts' consensus for first quarter
earnings per share of approximately $0.25, Wagoner will say GM's financial goals
for the year 2001 include:
- Positive cash flow
- Earn $2 billion or more in North America
- Substantially improve results at GM Europe over second half 2000 results
- Grow profitability in the Latin America-Africa-Middle East region
- Achieve profitability in the Asia Pacific region
- Continued net income growth at GMAC
GM officials will also outline a plan to improve performance in Europe,
focusing on the four key areas of product, quality, cost, and continued progress
on leveraging the benefits of GM's alliance with Fiat.
The management team of GM's affiliate, Isuzu, is implementing a comprehensive
recovery plan designed to restore profitability over the medium term. GM has a
49 percent equity interest in Isuzu.
In North America, GM intends to grow revenue through its aggressive product
plan, and reduce costs through convergence of the car and truck groups,
productivity improvements, and the supplier cost-sharing program.
GM Vice Chairman and Chief Financial Officer John Devine will outline a
series of financial priorities for the year 2001.
"We have to continue to strengthen our balance sheet, improve earnings, and
focus on a few key major initiatives," Devine said. "Simply put, the keys to
creating value for GM shareholders are to use capital efficiently, and deliver
increasing and consistent earnings and cash flow."
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In this press release and related comments by General Motors management, our use
of the words "expect," "anticipate," "estimate," "forecast," "objective,"
"plan," "goal" and similar expressions is intended to identify forward looking
statements. While these statements represent our current judgment on what the
future may hold, and we believe these judgments are reasonable, actual results
may differ materially due to numerous important factors that are described in
GM's most recent report on SEC Form 10-K (at page II-20) which may be revised or
supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors
include, among others, the following: changes in economic conditions, currency
exchange rates or political stability; shortages of fuel, labor strikes or work
stoppages; market acceptance of the corporation's new products; significant
changes in the competitive environment; changes in laws, regulations and tax
rates; and, the ability of the corporation to achieve reductions in cost and
employment levels to realize production efficiencies and implement capital
expenditures at levels and times planned by management.
# # #
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date February 23, 2001
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By
s/Peter R. Bible
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(Peter R. Bible,
Chief Accounting Officer)
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