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GM Budgets 9 Billion Annually for Better Products, Quality

From edmunds| January 18,2007

DETROIT — As further evidence of its renewed health, General Motors said on Thursday it plans to spend between $8.5 and $9 billion a year for the next two years on new-product launches and quality initiatives.

Among the launches: the new Malibu and the new CTS, which were warmly received by media at the 2007 North American International Auto Show here.

The capital spending announcement was part of an outline of "company priorities for 2007" by the automaker and a recap of the past year.

"GM's North America turnaround plan moved faster and further than people expected a year ago," said GM Chairman and CEO Rick Wagoner to a group of securities analysts. "To be direct, 2006 needed to be a huge year for us — and it was."

Wagoner said his priorities include continuing to drive aggressively into emerging markets such as China.

GM also said it cut its structural costs to between 29 and 30 percent of global revenue in 2006, from 34 percent in 2005.

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