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DATE News (chronologically)
11/05/10
automotive
GM says it can make $13B a year  Executives appearing in a series of videos posted on the Internet Thursday cast the post-bankruptcy automaker as a fresh, remade company with less debt, lower labor costs and a business strategy designed to keep making money even during downturns.

The videos, posted on the website www.retailroadshow.com, is the foundation of GM's pitch as two teams of executives embark today on a "road show," presenting their case to investors in major cities before its initial public stock offering, Nov. 18.

GM Chief Financial Officer Chris Liddell will lead one team and Vice Chairman Steve Girsky, a former Wall Street analyst, will lead the other.

"I know a great investment opportunity and the new GM is just that," GM CEO Daniel Akerson said in the online presentation. "We can make significant profit even in today's difficult environment."

Akerson emphasized the cultural change at GM.

"We are making and implementing decisions faster than ever," he said, explaining that the company is reducing red tape and paperwork.

Liddell said GM's earnings before taxes and interest could hit $13 billion annually if the industry returns to "mid-cycle sales" and with profit margins of 7 percent to 8 percent.

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