New General Motors Company Begins OperationsJuly 10, 2009
The new General Motors Company has begun operations with promises about doing lots of things in new ways, including making fuel-efficient cars.
From the asset sale approved by the bankruptcy court on 5th July, the new company has just four brands: Chevrolet, Cadillac, Buick and GMC.
The new president and CEO, Fritz Henderson, has promised to listen to customers and respond to consumer and market trends.
GM is developing a range of energy-saving technologies, including advanced internal combustion engines, biofuels, fuel cells, and hybrids. The extended-range electric Chevy Volt is currently undergoing road testing and is scheduled to launch in 2010.
The new GM is also taking steps to make advanced battery development a core competency, and expects to make additional announcements on this matter late this summer.
Last month, GM announced its intention to build a new small ‘fuel-efficient’ car at a plant in Orion Township, Michigan.
The company expects to take itself public again as soon as practical says it aims to pay off its loans before the due date of 2015.