DETROIT (AP) — General Motors Corp. is moving swiftly on restructuring under bankruptcy protection and the daily, watchful eye of the president’s auto task force, GM CEO Fritz Henderson said Wednesday.
The automaker may be able to exit bankruptcy protection in less than the 60 to 90 days timeline GM gave prior to its June 1 bankruptcy filing.
“It could be sooner,” said Henderson, speaking to reporters at The National Summit. “We’re moving aggressively according to plan.”
The task force is heavily involved with restructuring GM, he said, as the government is expected to hold a 60 percent stake in the company when it emerges from bankruptcy.
In addition to being a leaner, more productive company going forward, GM is planning future vehicle designs around higher oil prices.
In a summit discussion on energy, Henderson said GM is betting crude oil prices eventually could revisit the $100- to $130-per-barrel cost reached last year.
“Even with extremely weak economic activity, we’re still seeing very high levels of volatility in price of gas. We think the volatility will be permanent.”
Consumers eventually will drive alternative fuel innovation, Henderson said, adding that his company is working on a variety of different ways to power engines, specifically by producing electric battery and clean diesel engines.
He also said vehicle sales in China likely will surpass U.S. sales this year, making it the largest automotive market in the world.
A decision on which of three plants GM will build a small car will be made by the end of the month, Henderson said. GM plants in Orion Township, Mich.; Spring Hill, Tenn., and Janesville, Wis., are vying for the production.
“At this point, we haven’t narrowed down anything.”
Meantime, the future of a plant in Fremont, Calif., that makes the Pontiac Vibe and Toyota Matrix has yet to be decided as GM phases out the Pontiac brand. GM and Toyota have jointly owned the plant since 1984.
Henderson said he recently met with Ed Whitacre, the former AT&T chief named chairman of GM’s board of directors last week. Whitacre is tasked with naming a few more board members, Henderson said.
Henderson’s remarks come on the heels of Ford CEO Alan Mulally’s appearance at the summit Wednesday morning.
Ford is moving in a different direction than GM, Mulally said. He would not say how much market share it has captured from GM and Chrysler Group.
“People want to be with a company they know is viable and is going to be here for the long-term,” Mulally told reporters after a discussion about innovation.
Ford, the only major U.S. automaker that has not sought government assistance, is working toward profitability and increased market share, particularly with the rollout of new cars such as the 2010 Fusion and Taurus, he said.
Mulally wouldn’t say if the market share is coming at the expense of GM and Chrysler sales.
