GENERAL MOTORS COMPANY 2011 ANNUAL REPORT
CHEVY HITS 100 AND REVS FOR THE FUTURE.
2011 ANNUAL REPORT
Vehicle Sales And Net Revenue $205,601 $193,050
oday, General Motors is one of the world’s largest automakers, tracing its roots back to 1908. The company has played a pivotal role in the global auto industry for more than 100 years. From the
first Buick horseless carriages to technological marvels like the Chevrolet Volt, our products and innovations have always excelled at putting the world on wheels.The General Motors headquarters is located in Detroit
Michigan, which is also home to the largest General Motors assembly plant. GM has well over 27 different
Global Vehicle Sales 8,390 Global Net Sales & Revenue $135,592
assembly plants in North America with a majority in the United States. GM also has a number or assembly
plants, parts factories and machining plants throughout Canada and Mexico as well as factories around
Cash Securities $27,624 Credit Facilities $5,91 Total Liquidity $33,543
Automotive Obligations Debt $4,630 Underfunded Pension $12,388 Total Obligations $17,018
Automotive Free Cash Flow Operating Activities $6,589 Capital Expenditures (4,200) Automotive Free Cash Flow $2,389
Employment GMNA 96 GME 40 GMIO 32 GMSA 31 GM Financial 3 Global Employment 202
Net Sales & Revenue $2.54
Europe for the GM companies over seas. We maintain a clear vision: to design, build and sell the world’s best vehicles. Our business revolves around this vision, focusing on compelling vehicle design, innovative tehnology, skillfull manufacturaing and effective inventory processes. The end result is products that delight customers and generate high volumes and margins- and ultimately deliver more revenue to invest in future vehicles. As we manage through the downturns and rebounds of our industry, a key objective is to maintain consistent levels of investment in our engineering and product development in order to deliver the world’s best vehicles, which will in turn deliver consistent financial performance over the long term. Minimizing financial leverage and maintaining cost discipline will help ensure we are able to do so. The new GM has a much improved balance sheet that, combined with our competitive cost structure in North America, provides for a significantly lower risk profile. We still have more work to do, but the progress we already
have made is moving us closer to our ultimate goal: to be in a solid position to play offense, not defense,
even in a down cycle. This is the essence of the new GM.
Table of Contents 7
Letter to Shareholders
e are prepared for the road
ahead. Granted, there may be unexpected bends along the way. but we are building the right vehicle to navigate them: The new GM. DA N I E L F. A K E R S O N GENERAL MOTORS CEO
100 YEARS ON THE ROAD L
ouis Chevrolet was born on Christmas Day, 1878 in Switzerland. Like many another figure in the automobile world, he started manufacturing bicycles, also inventing a machine to make tires. Then he served an apprenticeship in the budding automobile industry in France, coming to the United States in 1900 as the representative of a French motor manufacturer.Chevrolet began a career in auto racing in 1905 and his performance over the years earned him a reputation among his generationâ€™s elite. However, he attained his greatest distinction as an engineer and designer of both stock and racing cars. In 1911, he organized the Chevrolet Motor Company and headed the concern until 1915. He was working with Billy Durant, who had just lost control of General Motors, and the year after Chevrolet dropped out of his namesake company, Durant regained control temporarily of General Motors and took the Chevrolet company into the fold. Inventor, racing-car builder, and above all, the early speed king who boasted that Barney Oldfield only beat him once â€œwhen my car broke down,â€? Chevrolet was buried at Indianapolis.
1911 On November 3,
1912 The V8 engine was much
Chevrolet founded the Chevrolet Motor Car Company with Buick owner and General Motors founder William C. Durant. The company was established in Detroit, choosing as the company’s logo a stylized Swiss cross, to honor his parents’ homeland.
more powerful and efficient than the T-head engine because fuel, air and exhaust could run through it. It made the engine more maintenancefriendly, achieved better fuel economy and was much more reliable. It also offered a superior smooth drive compared to other engines at the time.
1918 Chevrolet trucks first
went on sale in 1918, the same year that the Chevrolet Motor Company became part of GM. Chevy’s first truck was the Model 490 Light Delivery chassis cowl. It sold for $595 and included the front sheet metal, engine, transmission, and steering components. Each Customers purchased their own cab and body from independent body makers.
1914 From the very start,
Chevrolet brought innovative technology and features typically reserved for more expensive cars to its lineup of affordable cars and trucks. The first Chevrolet, called the Series C Classic Six, offered an electric starter and electric headlamps at a time when both were rarities among even luxury cars.
1924 A Chevrolet plant
opened in Denmark. It’s the first Chevy plant outside the US, making it a global brand.
1934 Chevy’s first
1929 Brake shoes
car with front suspension was sold in 1934. It had a sixcylinder engine with 206 cubic inches in full, producing 90 horsepower.
1950 The all-new
powerrglide was the first ever auto transmission in the low-price field. It was marketed as a shiftless automatic, and was offered at $159.00. By 1955, more than half of Chevys featured the Powerglide.
offered more positive brake action. In 1929, Chevy also introduced several other “firsts,” such as spark vaccuum control, an interior manifold heating system, and the popular No Draft Ventilation.
1942 In 1940, the 17
millionth Chevy was produced. Concealed running boards were also created, making for a more attractive interior.
1940 In 1940, Chevy
1953 Chevy invented the
received its first order from the US War Department for the forging and machining 75mm shells. Civilian vehicle production ultimately ceased for the duration of WWII. Chevy became one of the major suppliers for the remainder of the whiole war effort.
Suburban Caryall, the original SUV. It invented a new segment. Today, the Suburban name is the longest-running continual nameplate in the history of vehicles.
1953 The Corvette was the first ever
pickup trucks were introduced, Chevyâ€™s first all-new truck since before World War II. This classic eventually would become the design inspiration for 2003-2006 Chevy SSR.
production fiberglass body. It was a stylish, 2 seat convertible, first designed to compete with European nameplates. The initial response was overwhelmingly positive. The Corvette would change American cars forever.
GM Executives 1960
THE ROAD AHEAD Dear Fellow Stakeholders,
n November 18, 2011, the General Motors team, along with our
Continuing that progress, we kicked off 2011 with another big win with the
United Auto Workers partners, experienced something special as
Chevrolet silverado HD winning the top honor as Motor Trend Truck of
we stood together on the balcony of the storied new York stock exchange.
the Year. it was the first time GM brands captured both of the prestigious
As we rang the opening bell to the unmistakable sound of a Chevy Camaro
Motor Trend Car and Truck of the Year awards since Buick and Chevrolet
engine at full throttle, we knew we were doing much more than just starting
captured both awards in 1979. And across the globe, other GM vehicles
a new trading day. We were revving up Wall street, and setting the pace for
are gaining similar acclaim for design excellence, quality and performance,
our company—the new GM.
including the Holden Commodore in Australia, Chevrolet Agile in Brazil, Buick laCrosse in China and many others.
We truly are building a new GM, from the inside out. our vision is clear: to design, build and sell the world’s best vehicles, and we have a new
We will never forget the path that led to the old GM’s bankruptcy and
business model to bring that vision to life. We have a lower cost structure, a
the sacrifices that were made by many to create the new GM. We learned
stronger balance sheet and a dramatically lower risk profile. We have a new
from that experience, we understand why it happened and we will never
leadership team—a strong mix of executive talent from outside the industry
go back there again. That is our commitment. GM’s strong 2011 results
and automotive veterans—and a passionate, rejuvenated workforce.
were evidence of what we now can achieve. Make no mistake; we have a
Entering the public equity market capped a year of historic change. And
long road ahead. There will be many bumps and unexpected bends. we are
yet, at that moment on the nYse balcony, for us and for our employees
building the right vehicle to navigate them: The new GM.
around the world, it was crystal clear—our work was just beginning.
GM made important operational and financial progress in 2011, and set a strong foundation to build upon for the future. GM, with its joint
venture partners, maintained its leading market position in the key growth
markets of Brazil, Russia, india and China (the BRiC countries) during the year, with a particularly strong performance in China, where GM and our partners delivered 2.4 million cars and trucks. Meanwhile, we continued the aggressive implementation of our restructuring plan in Europe to position our business at a lower break-even level.
Daniel F. Akerson, CEO
ince it was first introduced in 1958, the Impala has become
1956 Chevy made
more than just a car... its unique
s new slogan in 1960, “Baseball, hot dogs, apple pie and Chevrolet.” There were many commercials, ads, and jingles. for the brand, helping to establish it as a global icon thereafter.
combination of style, performance and value made it an off-the-charts favorite for millions of Americans. In fact, with sales in excess of 13 million from 1958 to 1996, more American households chose Impala
inah Shore, the first woman 1955 D to host her own TV show,
as their car than any other full-size car in the history of the car. For some, Impala meant vacations in the family station wagon, or sundrenched rides in the back seat of a big convertible. To others, it meant the venerable Impala SS Coupes of the ‘60s, packing big-block V8s and “four on the floor.” But for
1954 In 1954,
the legendary small block Chevy V8 engine was introduced in the Corvette and Bel Air. It quickly gained poplarity among stock car racers, becoming known as “Mighty Mouse” motor. It became one of the first ever production engines to produce a single unit of horsepower per inch.
concludes her opening broadcast singing “See The USA In Your Chevrolet.” The song subsequently closes each show.
most owners, Impala was a roomy, four-door sedan that provided them with “something extra” compared with the competition. For more than 50 years, Impala has delivered excellence in a sedan millions have come to rely on. But we don’t rest on that reputation year after year — we continue to earn it. Impala brings a new blend of full–size car
he Chevrolet 1957 T Bel-Air of 1957
became an American icon. Also, Chevrolet offered fuel injection as an option on some Chevys and Corvettes, a first for an American production car, while Chevy trucks offered four-wheel drive for the first time.
comfort and midsize car efficiency, offering up to 30 MPG highway3. The new 3.6L V6 engine and 6–speed automatic transmission combine for luxurious smoothness
The 100 millionth 1958 Chevy was built- a Monza. It
was a milestone and the height of prosperity for the brand.
in all conditions, along with more power, making passing and merging effortless. Put simply, Impala is the right choice.
Chevy created the 1959 Corvair, the first,
and to this day, the only American car sporting an air-cooling engine. Also in 1959, the new El-Camino pickup was released on the full-size Chevy sedan body model.
M brands captured both of the prestigious Motor Trend Car and Truck of the Year awards since Buick and Chevrolet captured both awards in 1979. And across the globe, other GM vehicles are
gaining similar acclaim for design excellence, quality and performance, including the Holden Commodore in Australia, Chevrolet Agile in Brazil, Buick laCrosse in China and many others.We also acquired AmeriCredit to form GM Financial, expanding the fi nancing options for customers in the United states and Canada who want to buy or lease new GM vehicles We lowered our cost base and restructured operations in North America to achieve a break-even level near the bottom of the economic cycle. Despite depressed industry conditions, GM posted $5.7 billion of earnings before interest and taxes (eBiT) in north America. We signifi cantly improved our balance sheet, reduced debt by more than $11 billion and improved the funding level of our US pension plans with a $4 billion cash contribution. At the same time, we maintained our strong liquidity position through positive cash fl ow and a new $5 billion revolving line of credit. in november we completed a landmark $23 billion public offering, the largest in history, allowing the US and Canadian governments to reduce their ownership stakes in the company. The successful offering was an important vote of confidence for the progress and potential of the new General Motors. We were pleased to achieve profitability in our first full year as a new company, with 2010 net income attributable to common stockholders of $4.7 billion on revenue of $135.6 billion. We achieved earnings per share of $2.89 GM recorded an adjusted eBiT of $7 billion and positive automotive free cash flow of $2.4 billion in 2010. excluding a$4 billion discretionary contribution to the U.s. pension plans, free cash fl ow would have been $6.4 billion for the year. The company’s progress is early evidence of a new business model that begins and ends with great vehicles. We are leveraging our global resources and scale to maintain stringent cost management while taking advantage of growth and revenue opportunities around the world, to ultimately deliver sustainable results for all of our mcuh appreciated stakeholders.
THE ‘IRON WONDER’
or more than 50 years, Impala has delivered excellence in a sedan millions have come to rely on. But we don’t rest on that reputation year after year — we continue to earn it. Impala brings a new blend of full–size car comfort and midsize car efficiency, offering up to 30 MPG highway3. The new 3.6L V6 engine and 6–speed automatic transmission combine for luxurious smoothness in all conditions, along with more power, making passing and merging effortless. Put simply, Impala is the right choice.
n 1929, Chevrolet introduced its new six-cylinder engine for use in commercial vehicles. The engine is nicknamed ‘the cast iron wonder’ for its remarkable durability. Chevrolet
sold over a million cars in the first year alone at the remarkable price of just $595. At first, the engine was sold with a 3.2 liter International 6 with an 8’11” wheelbase and detachable disc wheels. It was so successful that it was still continually manufactured until 1953.
The Beach Boys’ “409” 1962 was recorded. It
was an ode to any Chevys powered by 409 inch V-8 engines.It was a hit almost right away, playing on record players all across the country.
1963 Now a legendary model,
the Corvette Sting Ray SplitWindow Coupe was introduced in 1963. The only model year for the split rear-window design, the car is highly coveted today by collectors. It was designed by Harley Earl and intrpduced at the GM Motorama as a concept car. The Sting Ray featured hidden headlamps, non-functional hood vents, and an independent rear suspension.
hevy released the new 1964 C Chevelle, an “intermediate”
car slotted between the full-size Chevys and the compact Chey Nova. Part of the GM A-Body platform, the Chevelle was one of Chevy’s most successful nameplates. It came as a coupe,sedan, convertible or station wagon. Super sport versions were also produced during the 1973 model year.
he Camaro’s debut 1967 T of 1967 set the standard
for pony cars. It was more than merely an answer to the Mustang; the Camaro was an icon that caught the attentions of the youthful pony car market. It became popular in the sports world and served as a pace car at the Indianapolis 500 that year.
1980 The alll-new Front Drive
Citation car was Chevy’s first ever front-wheel drive compact. In anticipation of consumer demand for smaller cars, GM switched to smaller, more economical V6 and 4-cylinder engines. The X-body cars were some 800 pounds lighter than the V8.
The hatchback style body had three or five doors, a simple design. The front end had a nose that angled down toward the bumper.
The six-cylinder type engine was a simple 53 horespower 1.4 L with a 4-speed guage transmission or 3-speed automatic. 1256 OHV engine from a fourspeed gearbox addition.
1989 Geo was a new import-
inspired line of cars and trucks introduced in 1989. It’s slogan was, “Get to know Geo.” The Geo was a small economy car targeted at commuters and urban singles. It was made in joint ventures with Japanese automakers.
he T-car was first launched in Brazil under the Chevette name
in 1973, as a two-door sedan; the Brazilian Chevette line eventually included a four-door sedan, a two-door hatchback, and a two-door station wagon (named
1990 Corvette beat 3
world speed and endurance records. The ZR-1 model, known as ‘King of the Hill,’ had V6 and V8 engines for better speed and acceleration. 23 Corvettes with the heavy suspensions were created in 1990 for the 1991 New World Challenge
Marajó), as well as a pickup (named the Chevy 500), and was produced until 1994. Chevettes are also a car used in racing in Dirt Track Racing. It has its own series. The Chevette was probably the last rear-wheel drive FR subcompact built in the world. Initially, it was only sold as a two-door hatchbacker with 1.4 or 1.6 L OHC gasoline inline-4x engines. Chevette engines produced up to 70 horsepower.
1996 The ‘96 Vortec engine
was known for its high performance, efficiency, durability and little need for maintenence. The GM engineers incorporated new vortex physics in their building plan to create improved air-to-fuel mixtures through combustion processes. The research worked to help increase the horsepower without losing any of the impressive efficiency.
Front Rod The double wishbone front suspension featured rear wheel drive and rear suspension with Panhard rod. Torque tube and coil sprung live axle were standard additions for all cars.
n 2011 alone, we increased our market share in the United States by a full percentage point, largely on the strength of the 2011 Chevrolet
Cruze. Cruze also has helped Chevrolet bring new buyers to the brand. It is currently sold in over 100 countries and is our top-selling nameplate. At an impressive 42 mpg , it’s the best highway mileage of any gas engine in the United States
The 2011 Chevrolet Cruze challenges conventional compact wisdom with one simple word: more. Its cavernous, quiet interior and beautifully sculpted exterior feel like luxury. Cruze is filled with performance, safety and technology features you won’t believe come in a compact. We believe in building fuel-efficient vehicles like the Cruze because it’s our way to use resources smarter. We proudly offer ‘gas-friendly to gas-free’ solutions including Cruze Eco and Volt. Cruze Eco offers 42 mpg highway, while Volt offers 35 miles of electric, gasoline-free driving and 344 miles of extended range. We’re committed to continuous improvement as we reduce the environmental impact of our vehicles and facilities. Our culture of environmental responsibility makes us think creatively, consistently innovate, and be leaner and more efficient. Over the course of our everyday work, we focus on several areas where we can make a difference, like more fuel efficient vehicles, energy efficiency, waste reduction and resource preservation. Our dedication reaches further than compliance with the law to encompass the integration of sound environmental practices into our business decisions. Guided by our environmental principles, we consider the environment throughout all aspects of our business, from our supply chain, to manufacturing, to the vehicles we put on the road. These are the principles that help frame our planning and decision-making for our company’s future: Though our Chevy Carbon Reduction Initiative, we’re commited to reducing our total carbon dioxide emissions by up to 8 million metric tons over the next few years. That’s the equivalent of the annual CO2 reduction from 1.2 million acres of pine forest. It’s an aggressive goal, but it’s one our planet deserves. After all, we’re all in this together.
PROFESSIONAL GRADE ENGINEERING T
his year, we introduced the new and improved Sierra HDincluding the Denali HD, our strongest, smartest, and most
powerful Sierra pickup ever- as well as the first-ever Acadia Denalia. These new models prove how experience and innovation can overcome compromise. We are evolving to offer more fuel-efficient trucks and
â€œThe GMC Terrain is the ultimate
crossovers, including the Terrain small SUV and Acadia crossover.
combination of performance and aesthetics.
The new GMC Sierra Heavy Duty pickups are the most capable and
The car will always be there for you, and will
powerful trucks in the market. GMC is a division of General Motors, Inc. that manufactures vehicle types including the pickup truck;
never fail to impress when you need it to.â€?
sport-utility vehicle, or SUV; van; and crossover in 2WD, 4WD, and
R I C K WAG O N E R ,
AWD configurations. GMC pickup trucks, vans, and SUVs have long
represented powerful, capable, and comfortable vehicles that are equally at home in the suburbs or on the job site. In addition to light duty pickups and SUVs, GMC also manufactures a full line of medium
ur 2011 Terrain crossover uses lightweight ecofriendly parts, demonstrating our commitment to delivering professional grade performance in an environmentally responsible package. Innovation and engineering excellence are woven into all GMCs, including the Yukon and Yukon XL and full line of Sierra pickups. Today, GMC is the only manufacturer offering three full-size hybrid trucks. We strive to represent powerful, capable, and comfortable vehicles that are equally at home in the suburbs or on the job site.
duty commercial trucks, vans, and chassis cab products with gasoline and diesel powertrain. Our 2011 Terrain crossover uses lightweight ecofriendly parts, demonstrating our commitment to delivering professional grade performance in an environmentally responsible package. Innovation and engineering excellence are woven into all GMCs, including the Yukon and Yukon XL and full line of Sierra pickups. Today, GMC is the only manufacturer offering three full-size hybrid trucks. We strive to represent powerful, capable, and comfortable vehicles that are equally at home in the suburbs or on the job site.
n 1916, a GMC Truck crossed the country from
Seattle to New York City in thirty days, and in 1926, a 2-ton GMC truck was driven from New York to
1901 Rapid Motor Vehicles,
Vehicle Company, which developed some of the earliest commercial trucks ever designed, was established. The trucks utilized 1-cylinder engines. In 1909, the company was purchased by GM to form the basis for the General Motors Truck Company, from which “GMC Truck” brand name was originally derived.
San Francisco in five days and 30 minutes. During the Second World War, GMC Truck produced 600,000 trucks for use by the U.S. military. GMC currently manufactures SUVs, pickup trucks, vans, light-duty trucks, and medium Part of a August 15th, 1928 Detroit News. The truck is a 1928 GMC Panel Delivery. It is either a T-11 or T-19 Model.
1914 The first ever truck
designed by the GMC engineers was first introduced in 1914, two years after the company made its debut. They had capacities up to 2 tons.
1925 General Motors
bought a controlling interest in Yellow Coach, a bus manufacturer based in Chicago, Illinois. After purchasing the remaining portion in 1943, GM named it GM Truck and Coach.
1940 During WWII, GMC
was the main supplier of military vehicles to U.S. and Allied governments, contributing much support to the war effort. The most outstanding of those vehicles were the GMC model 350 series, 2 ½-ton 6x6 trucks. From 1940 through 1945, GMC produced over 600,000 trucks for military use.
duty trucks. In the past, GMC also produced fire trucks,
1903 The first Cadillac was
introduced on January 17, 1902. Powered by a 10 inch horsepower, 1 cylinder engine and costing $750, it sold out at its introduction during the 1903 New York Automobile Show. The first Cadillac engine used mechanically acted valves and squared bore strokes.
THE NEW STANDARD C
1909 Cadillac created closed
adillac has seen continued momentum in the marketplace, driven by consistently strong demand for the Escalade
line of luxury SUVs, the CTS family of luxury cars and the SRX crossover. Escalade sales have grown, and remains the top-selling
bodywork, also called a limousine, as a standard catalog offering. Also in 1910, a Delco coil and breaker-point ignition system was first offered as a major improvement in reliability over the smagneto ignition.
large luxury SUV in the United States. Our new Cadillac SRX is
“The coupe is relevant as a statement of confidence. It’s a visual manifest of everything that we want to achieve with the brand.” B RYA N N E S B I T T C A D I L L AC C E O
also a fast-rising favorite among midsize luxury crossovers. We are creating new, modern designs for our dealerships as part of our “Defining Moments” customer service intiative. We believe our new showrooms will allow customers to ineract with the cars and dealership staff and relax in the lounge environment. Over 200 dealers have committed to makeovers over the next two years. Our new CTS Coupe is the ultimate expression of our commitment to performance driving and dramatic design. Its confluence of sharp angles and corners make it the purest distillation yet of our current design philosophy, called Art and Science. We have strived to combine driving dynamics, refinement, and technology to satisfy enthusiasts and luxury seekers alike. Our share of the retail luxury
1915 Cadillac introduced the
first ever fully armored car and created the first mass produced V8 engine. It was a 70 horsepower, 314 cubic inch L-head design. One important innovation was the thermostatic control of cooling-water circulation. The engine, multi plate clutch and gearbox were combined in one bolted assembly.
market in the United States has steadily risen, as we continue to reduce fleet sales and focus on retail sales. In addition, we have initiated the Cadillac Converj Concept, a dramatic luxury coupe with extended-range electric vehicle technology. We plan to call this car the Cadillac ELR, featuring an electric propulsion system with extended range capabilities. Founded more than a 100 years ago in Detroit, Cadillac has stood for uncompromising performance, daring design and groundbreaking technology. From developing the world’s first electric self-starting engine and pioneering the integration of computer technology into vehicles, to being the first to offer drivers a color other than black and creating the fastest family of production cars with the CTS-V Series, it’s all a part of our history.
1924 A key, fundamental
advancement in the design of V8 automobile engines was the incorporation of a fully counterweighted two-plane crankshaft. All primary and secondary forces were balanced to vastly improve the smoothness of V8 engines in Cadillac automobiles. In addition, the introduction of lacquer paint reduced manufacturing time and helped to improve the finish.
n 1929, Chevrolet introduced its new six-cylinder engine
for use in commercial vehicles. The engine is nicknamed ‘the cast iron wonder’ for its remarkable durability. Chevrolet sold over a million cars in the first year alone at the remarkable price of just $595. At first, the engine was sold with a 3.2 liter International 6 with an 8’11” wheelbase and detachable disc wheels. It was so successful that it was still continually manufactured until 1953.
With styling cues from the classic 1930 Cadillac V-16, the Cadillac Sixteen concept car featured a sixteen-cylinder, thousandhorsepower engine and was a star when unveiled at the North American International Auto Show by GM Vice Chairman Bob Lutz 18
LUXURY AS IT SHOULD BE B
uick has attracted new customers with award-winning models, including the Enclave crossover, LaCrosse sedan, Regal sport
sedan and the highly anticipated all-new 2012 Verano compact luxury sedan. We continue to offer modern luxury vehicles with sculpted designs, luxurious interiors and thoughtful personal technologies, along with responsive-yet-efficient performance. We are currently the fastest groing major brand in the Untied States and a best-selling brand in China, with continuing record growth. The new 2011 Buick Regal is a true world car developed by our team of international designers and engineers. Strong and close collaboration among China, Germany and America resulted in a chassis architecture that will spawn more future GM models, not to mention a styling theme thatâ€™s unique to the Buick and shows the brandâ€™s future direction. We believe it will truly appeal to young, affluent, trendsetting import buyers. We also introduced the Enclave crossover SUV, changing the perception about our brand Blending style and grace with precision, Enclave delivers comfort for up to eight, plenty of space for cargo and at 24 mg highway, better fuel economy than any eight-passenger SUV. Redesigned from the ground up last year, the Buick LaCrosse luxury sedan rolls into 2011 building on the attributes that have made it an unqualified success. In a still-recovering market, LaCrosse sales are up more than 200 percent when compared to the model it replaced.
The all-new Buick Verano, which will be available in early 2012, appeals to customers in the United states, Canada and Mexico who want great fuel economy and luxury in a smaller but premium package.
1899 Buick first began as the
Buick Auto-Vim and Power Company, an internal engine and motor-car manufacturer. It was soon incorporated as Buick Motor Company in 1903 by David Buick in Detroit, Michigan.
Sales soared due to 1908 the success of the Buick
“The 2011 Enclave is a
10, sellling 4,002 cars in 1908. It was advertised as “a high powered, high grade runabout,” and sold for around $900. It earned the nickname, “The Gentlemen’s Light Four-cylinder Roadster” and became Buick’s #1 bestseller ever.
luxury SUVwith room for everyone. We like to call it purposeful luxury.” B RYA N E L D R I D G E BU I C K P R E S I D E N T
uick is one of this country’s
The invention of the 1910 valve-in head engine led to
oldest brands, with a rich
tradition of innovation that
the success of Buick even when it was first created. This internalcombustion engine featured both inlet and exhaust valves, located in the cylinder head.
dates back to the turn of the century. Aimed at traditional American luxury-car buyers, Buick cars tend to place a priority on a plush ride rather than sporty performance. Although historically known
uick invented a 1914 6Bcylinder engine in
for catering to retirement-age customers with its full-size
order to help compliment the existing 4 cylinder version. Buick also created a self-starter and an all-new electric system.
sedans, the automaker’s lineup now includes SUVs and minivans designed to bring younger buyers into the showrooms of Buick dealers.
FINANCIAL REPORT Assets
Current Assets Cash and cash equivalents Marketable securities Cash equivalents and marketable securities Restricted cash and marketable securities Accounts and notes receivable Inventories Assets held for sale Equipment on operating leases, net Other current assets and deferred income taxes Total current assets Automotive Non-current Assets Restricted cash and marketable securities Equity in net assets of nonconsolidated affiliates Property, net Goodwill Intangible assets, net Deferred income taxes Assets held for sale Other assets Total non-current assets Total Automotive Assets GM Financial Assets Finance receivables Restricted cash Goodwill Other assets Total GM Financial Assets Total Assets
Automotive Current Liabilities Accounts payable (principally trade) Short-term debt and current portion of long-term debt Liabilities held for sale Postretirement benefits other than pensions Accrued liabilities Total current liabilities Automotive Non-current Liabilities Long-term debt Liabilities held for sale Postretirement benefits other than pensions Pensions Other liabilities and deferred income taxes Total non-current liabilities Total Automotive Liabilities GM Financial Liabilities Securitization notes payable Credit facilities
21,061 5555 26,616 1,240 8,699 12,125
22,679 134 22,813 13,917 7,518 10,107 388 2,727 1,777 59,247
21,061 5555 26,616 1,240 8,699 12,125
21,061 5555 26,616 1,240 8,699 12,125
2,568 1,805 53,053
2,568 1,805 53,053
1,489 7,936 18,687 30,672 14,547 564 530 2,623 77,048 136,295
1,160 8,529 19,235 30,513 11,882 308
1,160 8,529 19,235 30,513 11,882 308
3,286 74,913 127,966
3,286 74,913 127,966 8,197 1,090 1,265 380 10,932 138,898
2,568 1,805 53,053 1,160 8,529 19,235 30,513 11,882 308 3,286 74,913 127,966 8,197 1,090 1,265 380 10,932 138,898
8,197 1,090 1,265 380 10,932 138,898
18,725 10,221 355 846 22,288 52,435
625 23,419 47,157
625 23,419 47,157
5,562 270 8,708 27,086 13,279 54,905 107,340
9,294 21,894 13,021 47,223 94,380
9,294 21,894 13,021 47,223 94,380
6,128 832 399 7,359 101,739
6,128 832 399 7,359 101,739
625 23,419 47,157 3,014 9,294 21,894 13,021 47,223 94,380 6,128 832 399 7,359 101,739
Other liabilities Total GM Financial Liabilities Total Liabilities Commitments and contingencies Preferred stock Series A Equity Preferred stock Series A Series B Common stock Capital surplus Retained earnings (accumulated deficit) Accumulated other comprehensive income Total stockholdersâ€™ equity Noncontrolling interests Total equity Total Liabilities and Equity
Net Sales and Revenue
2008 21,497 1,616 625 23,419 47,157
22,679 134 22,813 13,917 7,518 10,107 388 2,727 1,777 59,247
15 24,040 4,394 1,588 21,249 708 21,957 136,295
3,014 9,294 21,894 13,021 47,223 94,380
625 23,419 47,157 3,014 9,294 21,894 13,021 47,223 94,380
1,489 7,936 18,687
Automotive sales GM Financial and other revenue Other automotive revenue Total net sales and revenue Costs and expenses Automotive cost of sales GM Financial operating expenses and other Automotive selling, general and administrative expense Other automotive expenses, net Total costs and expenses Operating income (loss) Equity in income (loss) Automotive interest expense Interest income and other non-operating income, net Gain (loss) on extinguishment of debt Reorganization gains, net Income (loss) before income taxes and equity income Income tax expense (benefit)
Income Total net sales and revenue Reorganization gains, net Income (loss) from continuing operations Income from discontinued operations, net of tax Gain on sale of discontinued operations, net of tax Net income (loss) Net (income) loss attributable to noncontrolling interests Cumulative dividends on and charge related to purchase of preferred stock Net income (loss) attributable to common stockholders Basic earnings (loss) per share Diluted earnings (loss) per share
14,253 6,699 170,209 21,230 6,183 2,525 424 43
6,006 15 62,402 4,928
118,792 152 11,446 118 130,508 5,084
694 440 101
1,098 1,555 196
135,142 281 169 135,592
3,786 511 131 4,428 3.58 3.58
6,503 331 1,504 4,668 3.11 2.89
14,253 6,699 170,209 21,230
2011 47,115 128,155 109,003
109,003 115 109,118 178.63 178.55
GENERAL MOTORS COMPANY
300 Renaissance Center Detroit, Michigan 48265