GM predicts continued growth for 2013

The company adds capacity to meet expected demand



 Despite a worldwide sales increase of 2.9% to 9.29 million units, GM's global market share decreased by (0.4%) to 11.5%. This put the company in second place behind Toyota's 9.75 million units and ahead of third place VW who sold 9.07 million units. US market share fell to 17.9% from 19.6% in 2011, its lowest level since the 1920s.

 General Motors announced 2012 calendar-year net income of USD 4.9 billion, or USD 2.92 per fully diluted share, down from USD 7.6 billion, or USD 4.58 per fully diluted share in 2011. The drop in income was due primarily to charges of unfavorable special items such as non-cash goodwill impairment charges. Revenue increased 1% to USD 152.3 billion, compared with USD 150.3 billion in 2011. Earnings before Interest and Taxes (EBIT) was up in all regions except Europe.

 Despite the continued revenue growth and sustained profits in North & South America and record sales in China, European operations continue to pose a challenge. GM Europe lost USD 1.8 billion last year and more than USD 18 billion since the late 1990s. GM CEO Dan Akerson hopes to trim this loss by one-third or one-half in 2013 as a good first step toward the goal of breaking even by the middle of this decade.

 In December 2012, as part of an effort to shed its "Government Motors" image, GM bought back 200 million shares of GM stock owned by the US Government for USD 5.5 billion, or USD 27.50 per share. The share repurchase is part of the government's plan to sell all of its holdings in GM Stock within 12-15 months.

GM Global Production Forecast The company has embarked on one of the busiest launch schedules in GM's history. The US product update, which started in 2012, will see 70 percent of GM's portfolio completely refreshed by the end of 2013. Over the next 12 to 18 months, GM will introduce redesigns of its biggest money makers, including the Chevrolet Silverado and GMC Sierra pickups and its four big SUVs. This combination of new model launches and planned capacity increases has LMC Automotive predicting global GM sales to rise by 6.1% in 2013 and global production to steadily increase through 2016.

 Building on these results, chairman and CEO Dan Akerson announced that GM's priorities for 2013 will be "executing flawless new vehicle launches, controlling costs and delivering more vehicles to our customers at outstanding value."

 After posting a 1.0% gain in 2012, LMC Automotive predicts that global sales for GM will increase 6.1% to 7.9 million in 2013 (excluding the SAIC-GM-Wuling alliance). As part of GM's global plan to reduce the number of platforms, the consolidated architectures will be capable of supporting a wider range of vehicle types and an increased economies of scale.

 In North America, trucks will be critical to the near term success of GM because large pickups make up a sizable share of sales. Total sales in 2013 are forecast to total over 2.8 million which translates to a market share of 18.4%, down from 18.8% in 2012.

 In the Asia Pacific region, sales in 2013 are expected to pass 2 million for the first time, mainly driven by increases in China, India and Indonesia. Sales of the group will continue to depend largely on the Chinese market.

Related Reports: North American International Auto Show 2013 (1): US and European OEMs
GM targets production of 4.31 million units in China in 2015

US and China to fuel growth in 2013

 GM expects sales in the global automotive industry to grow about 2 percent this year, to about 82 million units. The United States and China markets are predicted to lead this growth while the European market will continue to shrink. GM's US industry forecast is for 15 million-15.5 million light vehicle sales in 2013. However, CEO Dan Akerson is cautious about the US forecast due to uncertainties in the market.

 Based on this growth outlook and several planned new vehicle introductions, the company expects its global profitability to rise modestly in 2013. Earnings before interest and tax (EBIT) adjusted basis will increase moderately, with improvements anticipated from each region. CFO Dan Ammann states, "Our aggressive vehicle launch cadence and focus on improving the topline, combined with rigorous cost discipline will help us continue to generate strong business results moving forward."

 Market share is also expected to show mild improvement in the US based on these business factors. CEO Dan Akerson expects these gains to be "driven by the momentum of a busy launch schedule."


Strategies to reach 10% profit margin goal revealed

 In the third year of leading CEO Akerson continues to work toward the goal increasing pretax profit margins to 10%, from its current level of around 6%. This will put GM on a level that rivals Volkswagen and Toyota. Some of the measures that the company is taking include:

Product development restructured to increase efficiencies

* Led by Mary Barra, the product development system that had been in place since 1996 has been revamped. Instead of three executives deciding the fate of engineering changes, one lead engineer has sole responsibility and accountability over a vehicle program. This has forced 20 senior executives into early retirement or into other assignments, sending a strong message that she is serious about changing the status quo.

* Barra is forcing teams to make design, engineering, marketing decisions early in the development process and resisting the urge to make costly last minute changes that delay launches. Barra's discipline is likely to lead to a more nimble and profitable carmaker.

* Also, last year, GM announced its goal of reducing vehicle architectures by 50% by 2018. By building more vehicles on fewer platforms, the company expects to reduce costs with fewer prototypes, better commodity pricing, shared tooling and improved warranty costs.

Information technology brought in-house to realize system synergies

 GM is in the process of hiring over 10,000 information technology professionals to bring the previously outsourced function back inside the company. Akerson sees this move as a way to streamline legacy systems that didn't work well together and a way to gain a competitive advantage in future product development. Approximately 90% of IT work is currently outsourced. GM wishes to reduce this figure to 10%.

Pension obligations reduced to strengthen balance sheet

 In an effort to reduce its long-term pension liabilities, GM offered US salaried retirees a one-time lump sum payment in lieu of ongoing pension benefits. Approximately 30% of eligible retirees accepted this offer. Through annuitizations and lump sum payments, approximately USD 28 billion of GM's US salaried pension liability has been eliminated. Additionally, the Prudential Insurance Company of America assumed responsibility for GM's remaining pension obligations for US salaried retirees.



70% of US product portfolio renewed by 2013

 Over the course of 2012 and 2013, GM is introducing or refreshing 70% of its product portfolio in the United States. GM will introduce redesigns of its biggest money makers, including the Chevrolet Silverado and GMC Sierra pickups and its four big SUVs.

Chevrolet Silverado Pickup
Chevrolet Silverado Pickup

Chevrolet Corvette Stingray
Chevrolet Corvette Stingray

 Other key launches in 2013 include the next Chevrolet Corvette, the redesigned Chevrolet Impala, and the new Buick Encore.

Current and future model plans reflect dedication to freshened products

2012 2013 2014
Chevrolet Spark, Malibu *Silverado, *Tahoe,
*Suburban, Impala, SS,
Corvette Stingray,
*Trax (Europe), Onix (SA),
Spin (SA), Sail (China)
*Equinox, Traverse,
Cadillac ATS, XTS *Escalade, CTS,
XTS (China)
ELR, New Crossover
Buick Encore Verano
GMC *Sierra, *Yukon *Terrain, Acadia,
Opel (Europe) *Mokka ADAM, Cascada

* Indicates Truck or SUV

Highlights of major recent and upcoming vehicle releases

Release Year Model Description
2012 Chevrolet Silverado,
GMC Sierra
 Introduced late in 2012, the Chevrolet Silverado and the GMC Sierra undergo important updates in the full-size pickup segment. Each has three EcoTec3 engine options: a 4.3-liter V-6 and 5.3- and 6.2-liter V-8. These engines have better horsepower, torque and fuel economy than previous versions. The trucks are manufactured in Fort Wayne, IN and Silao, Mexico.
2012 Chevrolet Onix  The Onix small hatchback is produced at Gravatai in Rio Grande do Sul and went on sale in November last year. It offers five-speed manual or six-speed automatic transmissions.
 Built for the Brazil market, both the 1.0-liter and 1.4-liter engines can run on 100% ethanol or a flex-fuel mixture of gasoline and ethanol.
2013 Chevrolet Impala  The 2014 four-door Chevrolet Impala represents the 10th generation of the flagship sedan. This high volume vehicle, built in Hamtramck, MI and Oshawa, ON, is one of the best-selling full-size sedans in the US. The all-new Impala arrives at Chevrolet dealerships in late April.
2013 Chevrolet Corvette
 The 7th generation Corvette is the most powerful standard model ever, with an estimated 450 horsepower. It accelerates from 0 to 60 mph (0 to 97 km/h) in less than four seconds.
  Lightweight materials can be found throughout the vehicle including a carbon fiber hood and removable roof panel; composite fenders, doors and rear quarter panels; carbon-nano composite underbody panels and a new aluminum frame.
2013 Chevrolet SS  GM is planning to import this low volume vehicle to the US from GM Holden in Australia. The performance minded Chevrolet SS is the brand's first V-8 rear-wheel-drive sedan since the 1990s. It will produce 415 hp and accelerate from 0 to 60 mph in about 5 seconds.
2013 Chevrolet Spin  The Chevrolet Spin is a compact, seven-passenger MPV designed for the urban motorist. Designed and developed by GM's engineering and design center in Sao Paulo, Brazil, the Spin will be manufactured at GM's facility in Bekasi, Indonesia. It will go on sale in Thailand and Indonesia in 2013.
2013 Buick Encore  The 2013 Buick Encore small luxury crossover will arrive at dealers in the first quarter of 2013 with a suggested retail price of USD 24,950. At the heart of Encore's power is a 1.4L ECOTEC 138-hp turbocharged engine with variable valve timing. The Encore is the first Buick brand SUV to be made in China
2013 Opel Cascada  The Cascada, Opel's new all-season convertible four-seater is set to arrive at dealerships starting in April 2013. Positioned at the top of Opel's product line-up, it was designed and developed in Germany. The Cascada is built at Opel's state-of-the art production facility in Gliwice, Poland.
2013 Opel ADAM  With the all-new ADAM, Opel is entering the growing "lifestyle" A-segment. ADAM is almost 3.70 meters long and 1.72 meters wide (excl. mirrors). It was developed in Russelsheim, Germany and will also be produced at the highly efficient plant in Eisenach, Germany.
2014 Cadillac ELR  The Cadillac ELR range extended electric vehicle will be manufactured in limited numbers at the Detroit Hamtramck plant with production starting around the fourth quarter of 2013. The ELR will deliver a GM-estimated range of about 35 miles (56 km) of pure electric driving with a full driving range exceeding 300 miles (480 km).
  Sales will start in early 2014 in North America, then expand to global markets including China and Europe.
2014 or 2015 Chevrolet Colorado
GMC Canyon.
 GM North America President Mark Reuss announced that the company would launch two midsize pickups as early as late 2014. These new trucks will be larger than the Chevrolet Colorado and GMC Canyon that were phased out last year. They will be slightly bigger than a Toyota Tacoma and have new powertrain options.


GM wants 500,000 vehicles with electrification by 2017

 GM announced in November 2012 that it will have up to 500,000 vehicles on the road with some sort of electrification by 2017. GM's global strategy is to provide consumers with a variety of choices for electrified powertrains. According to Mary Barra, head of Product Development, General Motors will focus on plug-in hybrids and electric vehicles rather than conventional hybrid powertrains. The plan focuses on three technologies:

* Pure electric vehicles (battery electric vehicles) like the Chevrolet Spark

* Extended range electric vehicles (plug-in hybrids) like the Chevrolet Volt and Cadillac ELR

* eAssist technology (mild hybrid technology) available in many vehicles like the Buick LaCrosse, Buick Regal, Chevrolet Malibu, and Chevrolet Impala


New product announcements strengthen EV options

Product Details
Chevrolet Spark EV  The Spark EV was showcased at the LA auto show in November 2012. It will go on sale first in California, Oregon, Canada, South Korea, Europe and other global markets. The drive unit and motor will be produced at a facility near Baltimore. Final assembly will occur in Korea.
Cadillac ELR  The ELR extended range electric vehicle shares its powertrain with the Chevrolet Volt. It made its debut at the North American International Auto Show in January 2013. Small volume production will begin at Detroit-Hamtramck assembly plant late this year, with cars arriving in showrooms sometime in the first quarter of 2014.
Sail SPRINGO  The SPRINGO EV was introduced at the Auto Guangzhou 2012 show in November 2012. This pure electric vehicle will be built and sold in China. It was jointly developed by Shanghai GM and the Pan Asia Technical Automotive Center (PATAC). The first showroom selling the SPRINGO is expected to open in the first half of 2013 in Shanghai.


Cadillac ELR Plug-in Hybrid
Cadillac ELR Plug-in Hybrid

Cadillac ELR Plug-in Hybrid Rear View
Cadillac ELR Plug-in Hybrid Rear View


China is a key component to GM's vehicle electrification strategy

 GM is accelerating the development of electrified vehicles in China to support China's initiative to make vehicle electrification a key strategy. The China Science Lab at the GM China Advanced Technical Center in Shanghai is the largest and most advanced battery testing facility operated by an automaker in the country. GM also established a battery cell prototype lab.


The EN-V electric concept could become an urban mobility solution

 Another important area where GM is applying electrification and connected vehicle technology is in urban mobility solutions such as the EN-V (Electric Networked-Vehicle) concept. GM signed a memorandum of understanding with the Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd. and the Tianjin Eco-City Administrative Committee to collaborate on assessing the real-world application of GM's EN-V 2.0 concept in the Tianjin Eco-City.



GM committed to 20% emission improvements by 2020

 In a speech at the CERAWeek Energy Conference in March 2013, Dan Akerson outlined GM's approach to improving fuel economy. The company has also committed to achieving a 20 percent reduction in global CO2 footprint per vehicle by 2020. Akerson laid out the following strategies to achieve these goals:

* Reduce vehicle mass: A roughly 10 percent reduction in curb weight reduces fuel consumption by about 6.5 percent.

* Invest in advanced materials: Nano steels, carbon fiber and resistance spot welding for aluminum structures are among the options.

* Deploy clean diesel engines: Introduce these engines only where they make business sense. For example, the Chevrolet Cruze diesel will compete directly against Volkswagen.

* Improve thermodynamic efficiency of gasoline engines: Use a suite of technologies including turbocharging, direct injection, variable valve timing and cylinder deactivation.

* Increase vehicle electrification: This trend is expected to grow thus improving performance and fuel economy.



Increasing demand and new products spark multiple plant investments

 Mark Reuss, President of North America announced in January 2013 that GM will spend approximately USD 1.5 billion to expand operations in North America in 2013. With GM forecasting 15.5 million new vehicle sales for the US industry in 2013, more production will be needed to meet demand. GM plans to invest USD 8 billion a year in the development of global products. 70% of US models will be refreshed in 2012-2013.

Major plant expansions announced by GM

Plant Investment Details
North America
Wentzville Assembly, MO USA USD 380 million  Expansion to accommodate the production of the newly designed Chevrolet Colorado midsize pick-up.
Fairfax Assembly and Stamping, KS USA USD 600 million  Addition of 450,000-square-ft paint shop, a new stamping press, and other upgrades. The Fairfax plant currently builds the Buick LaCrosse and Chevrolet Malibu.
Arlington Assembly, TX USA USD 200 million  A stamping facility will be added to make external and internal sheet metal components to support the assembly plant. A third shift has also been added to meet demand for the following full-size SUVs: Chevrolet Tahoe, Chevrolet Suburban, GMC Yukon, and Cadillac Escalade.
Lordstown, OH & Parma Metal Center, OH, USA USD 220 million  Tooling and production equipment for the next-generation Chevrolet Cruze.
Spring Hill Engine, TN USA USD 460 million  Recently opened engine plant that incorporates flexible manufacturing processes. The Ecotec 2.5L engine that is used in the 2013 Chevrolet Malibu is built here.
Ingersoll, ON Canada USD 250 million  Flexible body shop equipment and tooling to accommodate multiple global architectures and body styles for future products.
San Luis Potosi, Mexico USD 120 million  Investment to produce the Chevrolet Trax, a 5-seat compact SUV which was unveiled at the Paris Motor Show. The Trax is a global model to be sold in over 140 countries.
Silao, Guanajuato, Mexico USD 200 million  Upgrades to prepare for a new generation of full-sized pickups, namely the 2014 Chevrolet Silverado and GMC Sierra.
South America
Rosario Facility, Argentina USD 450 million  Expansion to accommodate an all-new global Chevrolet vehicle. This will allow GM Argentina to add new models for the Argentine market as well as for export.
Gravatai Assembly, Brazil USD 1 billion total for building and expansion  The market success of the Chevrolet Onix and the start of production of another new small sedan led GM to expand capacity from 230,000 to 380,000 vehicles per year at the Gravatai plant.
Joinville Engine, Brazil USD 172 million  Production recently began for new engines and cylinder heads to supply the Rosario Facility (Argentina) and Gravatai Assembly (Brazil).
GM Auto, Susary, St Petersburg, Russia USD 1 billion total in Russia over 5 years  Expansion to boost annual production capacity from the current 98,000 vehicles to 230,000 vehicles by 2015. Chevrolet and Opel branded vehicles will be produced, including the new Opel Astra sedan.
GM-Avtovaz JV, Togliatti, Russia Part of USD 1 billion total in Russia  GM plans to boost production capacity at the joint venture in a bid to expand the total combined annual production capacity in Russia to 350,000 vehicles.
Szentgotthard, Hungary EUR 130 million  Plans to expand the newly built, flexible Opel engine plant were announced to increase annual production by 100,000 engines to a total of 600,000 engines. The 1.6-litre, four-cylinder, SIDI ECOTEC Turbo engine is currently built here.
Chongqing, China (new) RMB 6.6 billion (phase 1)  SAIC-GM-Wuling announced that it will build a third manufacturing base in Chongqing Municipality. The first phase is expected to open in 2015. The facility will have an annual production capacity of 400,000 vehicles and 400,000 engines.
Wuhan, Hubei, China (new) RMB 7 billion  Shanghai GM broke ground on a new facility in the city of Wuhan, Hubei. It will be capable of producing 300,000 small and medium-size passenger cars, SUVs and new energy vehicles per year. Production set to begin in 2014.



The US Treasury to sell ownership stake in GM over 12-15 months

 In December 2012 the US Treasury announced its intention to sell its entire stake in GM within 12 to 15 months, through various means in an orderly fashion. The first transaction involved the sale of 200 million shares of GM stock back to GM. This left the US Treasury with about 300 million shares of GM that it originally procured as part of the auto industry rescue in 2008 and 2009. "This announcement is an important step in bringing closure to the successful auto industry rescue, it further removes the perception of government ownership of GM" said Dan Akerson, chairman and CEO of GM.


European restructuring continues to move forward

CEO Akerson wants European operations to break even by mid-decade

 GM CEO Dan Akerson would like to see GM's European losses trimmed by one-third to one-half in 2013 on the way to the previously announced goal of breaking even in Europe by mid-decade. The company is trying to restructure its operations in order to address over a decade of poor financial performance. 2012 losses doubled from the previous year to over USD 1.8 billion.

 In spite of the loss, GM said it will invest EUR 4 billion in Opel and Europe by the end of 2016 to support new model launches. The company plans to introduce 23 refreshed or new models by 2016.


Recent rejection of contract by German workers may help GM in long-run

 Recent negotiations with union leaders to keep the Bochum German plant open to 2016 were voted down by IG Metall workers. Opel quickly announced that no further talks were scheduled and concessions were off the table. GM has reverted to its previously announced plan to halt production of the Zafira by the end of 2014. This move is expected to lead to higher short-term restructuring expenses but will benefit the company in the long-term as it moves to reduce capacity and high fixed-costs in the region.


PSA-GM alliance seeks USD 2 billion annual savings

 PSA Peugeot Citroen and General Motors announced further details about their Global Strategic Alliance announced in February 2012. The first vehicles resulting from this cooperation are expected to be launched in 2016. The partners agreed to work on the following common vehicle platform / architecture projects:

* A C-Segment Multi-Purpose Van for Opel/Vauxhall and a compact-class Crossover Utility Vehicle for the Peugeot brand.

* A joint multi-purpose program for the B-segment for Opel/Vauxhall and the Citroen brand led by GM.

* An upgraded low CO2 B-segment platform for Opel/Vauxhall and PSA's next generation of cars in Europe and other regions.

Further global initiatives under review include:

* Co-development of a next generation of high-performance, efficient small gas engines derived from PSA's global small petrol engine program (EB engine),

* Exploration of product and industrial initiatives in Latin America and other growth markets.

 Additionally, the Alliance partners seek to create a joint purchasing organization in Europe to realize purchasing synergies. Both companies confirm a synergy target of USD 2 billion saved annually, achievable within five years.


GM writes down investment in PSA by USD 220 million

 GM's CFO Dan Ammann is not expecting an increase in European automobile demand later this year and does not plan to provide additional funds to its struggling alliance partner, PSA Peugeot Citroen. After paying USD 400 million for a 7-percent stake in March 2012, GM booked a USD 220 million impairment charge to fourth-quarter 2012 earnings to reflect its fair market value. This was based upon the 55% decline in PSA common stock price since acquisition combined with the fourth quarter reassessment of European automotive operations. This came on the heels of PSA reporting a USD 6.74 billion annual loss for 2012, its biggest loss ever.



China continues to be an important market for GM

Sales hit record levels in China

 Sales for General Motors and its joint venture partners reached 2,836,128 vehicles, a 11.3% increase over 2011. Sales were fueled by Shanghai GM, whose sales rose 10.9% and SAIC-GM-Wuling, whose sales increased 12.4%. FAW-GM sales were down 0.9% in 2012.

 Shanghai GM and SAIC-GM-Wuling are both expanding capacity at their manufacturing plants to meet growing demand. Meanwhile, GM is increasing the number of dealerships in the country. GM China president Bob Socia remarked, "GM continued to look to the future in China in 2012."


China's largest proving ground opens in Guangde

 In September 2012, General Motors joined SAIC and their Shanghai GM and Pan Asia Technical Automotive Center (PATAC) joint ventures for the opening of China's largest proving ground. The 5.67-square-kilometer Proving Ground in Guangde County, Anhui, represents an investment of RMB 1.6 billion. It includes more than 60 kilometers of test roads and support facilities. The Guangde Proving Ground will support the design and development of vehicles by Shanghai GM and PATAC.



Financial Details

EBIT remains strong in 2012 despite slight decline

 GM North America (GMNA) reported Full-year Earnings before Interest and Taxes (EBIT)-adjusted of approximately USD 7.0 billion in 2012 compared to USD 7.2 billion in 2011. The positive results encouraged the company to announce plans to pay profit sharing of up to USD 6,750 to approximately 49,000 GM U.S. hourly employees.

 Pretax losses in Europe increased to USD 1.8 billion from USD 747 million in 2011. It was the 13th straight year of GM losses in Europe and reflected the rapid deterioration of vehicle demand and economic conditions in the region. Since 1999, GM has lost USD 18 billion in Europe. The poor economic situation has led GM to take a USD 5.2 billion non-cash impairment on long-held assets. While GM devalued its assets in Europe, the company reiterated its goal of breaking-even in the region by mid-decade.

 Full-year EBIT-adjusted for GM International Operations (GMIO) was USD 2.2 billion in 2012 compared with USD 1.9 billion in 2011. Rounding out the regional results was GM South America (GMSA) who reported full-year EBIT-adjusted of USD 0.3 billion in 2012 compared with EBIT-adjusted of USD (0.1) billion in 2011.

 GM expects to reclaim its investment-grade rating this year, which it lost eight years ago. Dan Akerson, chairman and CEO remarked that GM, ". . . took significant actions to put the company on a solid path for future growth,"

Financial Overview (in billions of USD except for per share amounts)

2011 2012
Revenue 150.3 152.3
Net income attributable to common stockholders 7.6 4.9
Earnings per share (EPS) fully diluted 4.58 2.92
Impact of special items on EPS fully diluted 0.70 (0.32)
EBIT-adjusted 8.3 7.9
Automotive net cash flow from operating activities 7.4 9.6
Adjusted automotive free cash flow 3.0 4.3

Source: GM Earnings release, 2013-02-14

Earnings before Interest and Taxes by operating segments (in millions of USD)

EBIT Adjusted 2011 2012
GM North America(a) 7,194 6,953
GM Europe (a) (747) (1,797)
GM International Operations(a) 1,897 2,191
GM South America (a) (122) 271
GM Financial (b) 622 744
Total operating segments (b) 8,844 8,362
Corporate and eliminations (540) (503)
EBIT-adjusted (b) 8,304 7,859
Operating Income (loss) (c) 5,656 (30,363)
Net income (loss) attributable to common stockholders 7,585 4,859
Source: GM Financial Highlights 2013.02.14; GM 10-K, pg 31, 77, 2013.02.15
Notes: (a) GM's automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Net income attributable to stockholders.
(b) GM Financial amounts represent income before income taxes.
(c) In the year ended December 31, 2012, GM recorded non-cash goodwill impairment charges of USD (27.1) billion, European non-cash asset impairment charges of USD (5.5) billion, US charge to pension plan actions of USD (2.2) billion, plus other adjustments which resulted in an operating loss. Source: GM 10-K, pg 41.



Production Forecast by LMC Automotive: Light vehicle production forecasts by country and make for GM

(LMC Automotive、February 2013)

 LMC Automotive's forecast shows steady growth in global light vehicle production for General Motors through 2016 as the company continues to focus on globalizing its platform strategy. Global 2013 production (including SAIC-GM-Wuling and Baojun volumes) is expected to increase 3.2 %, then increase an average of 6.3% per year from 2014-2016.

 The 2013 increase is largely expected to come from the Asia Pacific region where production volume is expected to increase by 13.2% (excluding the SAIC-GM-Wuling alliance and Baojun brand). Over the same period, North American and European production is projected to decrease by -1.9% and -9.5% respectively.

GM light vehicle production by country and by make

Global Make 2010 2011 2012 2013 2014 2015 2016
Total 8,567,202 9,186,392 9,509,809 9,817,995 10,452,615 11,251,119 11,777,290
Argentina Chevrolet / Daewoo 135,301 136,428 128,501 111,285 97,262 75,014 122,504
Australia Holden 65,514 90,662 104,387 103,357 102,434 103,770 105,959
Belgium Opel 51,625 0 0 0 0 0 0
Brazil Chevrolet / Daewoo 637,932 635,784 584,783 624,962 635,823 653,876 700,787
Canada Buick 0 23,374 21,359 20,862 19,980 45,997 63,823
Cadillac 0 0 28,197 37,198 35,567 39,240 39,713
Chevrolet / Daewoo 452,682 527,416 514,238 434,740 378,764 306,800 241,936
GMC 76,823 110,684 118,604 112,035 111,294 96,498 93,180
Canada Sub- total 529,505 661,474 682,398 604,835 545,605 488,535 438,652
China Baojun 0 21,968 91,555 144,259 185,563 217,204 236,245
Buick 244,028 257,808 233,900 303,768 348,820 423,350 472,448
Cadillac 5,355 7,249 6,546 9,137 15,354 21,847 62,124
Chevrolet / Daewoo 773,152 867,996 952,833 998,559 1,057,259 1,148,735 1,189,957
Holden 3,585 2,188 1,307 310 0 0 0
Opel 84,571 138,943 172,722 182,726 206,871 242,804 254,207
Wuling 1,179,852 1,192,411 1,383,787 1,467,520 1,675,899 1,826,825 1,954,769
China Sub-total 2,290,543 2,488,563 2,842,650 3,106,279 3,489,766 3,880,765 4,169,750
Colombia Chevrolet / Daewoo 58,286 75,413 53,505 51,158 54,386 60,471 74,498
Ecuador Chevrolet / Daewoo 36,952 35,578 36,507 31,317 29,787 24,795 25,523
Germany Opel 464,445 442,040 387,051 292,357 280,992 329,836 321,886
Hungary Opel 32,495 27,797 19,490 12,669 0 0 0
India Chevrolet / Daewoo 89,724 91,265 85,137 105,738 113,842 127,091 139,277
Wuling 0 0 18,858 36,234 47,497 57,877 68,157
India Sub-total 89,724 91,265 103,995 141,972 161,339 184,968 207,434
Indonesia Chevrolet / Daewoo 0 0 0 32,450 51,636 49,100 54,545
Japan Chevrolet / Daewoo 4,969 0 0 0 0 0 0
Kazakhstan Chevrolet / Daewoo 570 2,026 3,635 3,320 4,080 5,920 5,902
Korea Buick 0 6,691 6,890 5,370 34,153 29,381 24,116
Chevrolet / Daewoo 549,500 773,154 778,867 854,992 826,371 871,684 898,614
Opel 85,881 12,520 0 0 0 0 0
Pontiac 108,707 18,489 0 0 0 0 0
Korea Sub-total 744,088 810,854 785,757 860,362 860,524 901,065 922,730
Malaysia Hicom 3,997 2,570 1,548 2,114 2,129 2,163 2,210
Mexico Cadillac 79,238 87,856 92,716 82,321 84,161 77,625 82,531
Chevrolet / Daewoo 381,403 368,029 381,489 445,466 459,310 369,319 371,561
GMC 80,594 86,489 94,711 97,674 110,880 167,749 195,817
Saturn 2,886 0 0 0 0 0 0
Mexico Sub-total 544,121 542,374 568,916 625,461 654,351 614,693 649,909
Poland Chevrolet / Daewoo 45,800 5,167 0 0 4,507 39,041 39,929
Opel 140,956 152,889 111,561 131,888 156,399 208,442 218,898
Poland Sub-total 186,756 158,056 111,561 131,888 160,906 247,483 258,827
Russia Buick 0 0 3,097 23,855 22,632 19,459 16,350
Cadillac 1,271 3,379 1,354 2,034 0 0 0
Chevrolet / Daewoo 114,234 163,486 207,174 168,329 170,354 189,941 198,400
Opel 29,505 59,485 72,416 78,911 68,854 72,249 74,336
Russia Sub-total 145,010 226,350 284,041 273,129 261,840 281,649 289,086
South Africa Chevrolet / Daewoo 0 0 0 28,795 28,363 27,360 26,773
Opel 18,888 19,788 28,911 18,282 26,811 35,610 36,804
South Africa Sub-total 18,888 19,788 28,911 47,077 55,174 62,970 63,577
Spain Opel 380,895 366,288 265,881 253,755 233,583 195,495 157,719
Thailand Chevrolet / Daewoo 26,213 40,007 103,622 163,590 183,148 202,854 225,847
Turkey Opel 0 5,254 18,811 17,788 18,001 18,710 18,781
UK Opel 145,155 194,952 132,568 90,982 98,381 104,922 102,705
Ukraine Chevrolet / Daewoo 2,695 524 0 0 0 0 0
USA Buick 177,548 166,152 175,987 162,624 175,202 178,336 201,839
Cadillac 122,200 98,183 99,780 103,785 159,975 187,675 195,919
Chevrolet / Daewoo 1,090,374 1,278,765 1,385,201 1,347,663 1,499,014 1,761,351 1,869,573
GMC 323,970 334,355 331,130 338,996 333,945 300,529 273,401
Hummer 1,504 0 0 0 0 0 0
Saturn 2,507 0 0 0 0 0 0
USA Sub-total 1,718,103 1,877,455 1,992,098 1,953,068 2,168,136 2,427,891 2,540,732
Uzbekistan Chevrolet / Daewoo 216,836 223,599 236,636 244,751 232,309 237,103 203,386
Venezuela Chevrolet / Daewoo 36,584 31,291 32,557 38,069 71,023 97,071 114,341
Source: LMC Automotive "Global Automotive Production Forecast (February, 2013)"
(Note) 1. Data indicate figures of only small-size vehicles, including passenger cars and light commercial vehicles with a gross vehicle weight of under 6 tons.
2. Volumes include the SAIC-GM-Wuling joint-venture in China.
3. All rights reserved. Reproduction of any data will require permission of LMC Automotive.
4. For more detailed information or inquiries of forecast data, please contact LMC Automotive.

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