Bangkok--7 Dec--Weber Shandwick
General Motors Company announced that its GM Daewoo Auto & Technology, Inc. subsidiary (GM Daewoo) will fully repay its Korean revolving credit facility this month.
The facility had a drawn balance of $1 billion (USD) as of September 30, 2010.
General Motors CFO Chris Liddell said, “Following our successful IPO, we will continue to take opportunities to strengthen our balance sheet. Our objective remains to have minimal debt and a fully funded pension plan.”
Just after the first quarter results reported, GM repaid its final payment of $5.8 billion to the U.S. Treasury and Export Development Canada (EDC), paying back its government loans in full, ahead of schedule.
Globally, GM delivered 6.2 million vehicles worldwide for the first three quarters of 2010, up 12.6 percent from the first three quarters of 2009. GM sold 7.48 million vehicles in the year 2009, compared with 8.36 million vehicles in 2008.
About GM
General Motors Company, one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, Michigan, USA. GM employs 209,000 people in every major region of the world and does business in some 120 countries. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. More information on the new General Motors Company can be found at www.gm.com.
Forward-Looking Statements:
In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology; our ability to realize successful vehicle applications of new technology; and our ability to comply with the continuing requirements related to U.S. and other government support.
GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
For further information, please visit www.gmthailand.com and www.chevroletthailand.com or please contact:
Paphada Tuanghirunvimon / Satapana Karnjanaprakorn
Weber Shandwick
McCann Worldgroup (Thailand) Ltd.
Tel: 02 343 6057, 081 621 2404
Email:
[email protected] /
[email protected]
Or
Sasinan Allmand
Public Relations Director Thailand/ SEA
General Motors (Thailand) Limited & Chevrolet Sales (Thailand) Limited
Tel: 0-2791-3400
Email:
[email protected]