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GM Form 8K 020414



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
___________________

FORM 8-K
___________________

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) January 29, 2014
___________________

GENERAL MOTORS COMPANY
(Exact Name of Registrant as Specified in its Charter)
___________________


DELAWARE
(State or other jurisdiction of
incorporation)
001-34960
(Commission File Number)
27-0756180
(I.R.S. Employer
Identification No.)

300 Renaissance Center, Detroit, Michigan
(Address of Principal Executive Offices)

48265-3000
(Zip Code)


(313) 556-5000
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

___________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
 
¨
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 
¨
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12)
 
 
 
¨
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 
¨
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





TABLE OF CONTENTS

ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
ITEM 8.01 OTHER EVENTS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURE
INDEX TO EXHIBITS
U.S. Sales Release and Charts dated February 3, 2014





Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On January 29, 2014, David Bonderman, a member of the Board of Directors (the “Board”) of General Motors Company (the “Company”), gave notice to the Company that he does not intend to stand for reelection at the Company’s Annual Meeting of Stockholders in 2014 (the “2014 Annual Meeting”). In addition, the Company anticipates that Robert D. Krebs will retire from the Board immediately prior to the 2014 Annual Meeting, pursuant to the retirement policy set forth in the Company’s Corporate Governance Guidelines. Both Mr. Bonderman and Mr. Krebs joined the Board in July 2009.
Item 8.01 Other Events

On February 3, 2014, General Motors Company issued a news release announcing January 2014 U.S. sales. The release and charts are attached as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.
EXHIBIT

Exhibit
Description
Method of Filing
 
 
 
Exhibit 99.1
U.S. Sales Release and Charts
Dated February 3, 2014
Attached as Exhibit







SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
 
GENERAL MOTORS COMPANY
(Registrant)


 
 
/s/ THOMAS S. TIMKO
Date: February 4, 2014
By:
Thomas S. Timko
Vice President, Controller and Chief Accounting Officer




EX 99-1 02032014



Exhibit 99.1

For Release: Monday, February 3, 2014, 9:30 a.m. EST


GM’s U.S. Dealers Delivered 171,486 Vehicles in January
•Best January Ever for the Chevrolet Cruze and Cadillac SRX
•Retail sales of Chevrolet cars up 8 percent

DETROIT - General Motors Co. (NYSE: GM) dealers delivered 171,486 vehicles in the United States in January 2014. Retail sales were down 10 percent year over year, although retail deliveries of passenger cars were up slightly. Fleet deliveries declined 18 percent, due to a planned reduction in rental vehicle sales. Total sales were down 12 percent.

“We are building long-term value for our customers and it starts with award-winning new products,” said Kurt McNeil, U.S. vice president of Sales Operations. “We have major launches underway and we are going to accelerate brand-building and other growth initiatives, which include executing our winning strategy to sell more pickup trucks with larger cabs, more features and advanced technology.”

Half of GM’s light-duty pickup sales in the fourth quarter of 2013 were premium-contented models that transacted at prices of $40,000 or more. That compares with about one-third of sales in the 2013 calendar year and 20 percent in 2012. The mix continued to improve in January.

Key enablers, depending on the model, include superior fuel economy, quieter cabins, higher towing and payload ratings, and better resale value. For example, the 2014 Chevrolet Silverado 1500 earned a “Best Resale Value” award from Kelley Blue Book as one of the Top 10 models in the industry.

Image-building initiatives include prominent advertising during the Super Bowl, the Winter Olympics and the NCAA March Madness/Final Four basketball tournament. In addition, the Chevrolet Silverado “Hand’s-On” Truck tour will visit more than 100 locations this year, with 21 events scheduled for the first quarter.

January Sales Highlights (vs. 2013)
•
Chevrolet swept the North American Car and Truck of the Year awards with the Silverado and the Corvette Stingray.
•
The Chevrolet Cruze and Cadillac SRX had their highest-ever January sales.
•
Retail sales of Chevrolet cars were up 8 percent led by gains for the Sonic, Malibu, Impala and Corvette. Retail deliveries of the Buick Regal and Encore were also up.
•
Deliveries to commercial fleet customers, which are about 24 percent of total fleet sales, were up 17 percent. GM’s commercial fleet business has now posted sales increases in each of the last three months.
•
The all-new 2015 Chevrolet Tahoe and Suburban, and the GMC Yukon and Yukon XL, began shipping to dealers in late January.








2014 Industry Outlook
Historically, January is the industry’s lowest sales month of the year. Extreme winter weather in the South, Midwest and Northeast this January further depressed GM and industry sales. The seasonally adjusted annual selling rate (SAAR) for light vehicles is expected to be an estimated 15.3 million units, down from 15.6 million in December.

GM expects light vehicle sales for the year to be in a range of 16 million to 16.5 million units, which would be the industry’s best year since 2007, when 16.2 million vehicles were sold. GM expects to earn modestly higher market share in this environment.

GM also expects to grow its commercial fleet business in 2014 thanks to the ongoing launches of the all-new Silverado and GMC Sierra heavy-duty pickups, and the fall launches of the Chevrolet City Express small van, and the Chevrolet Colorado and GMC Canyon midsize pickups. GM expects flat deliveries to rental companies compared with 2013.

General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://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 planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.



CONTACT:
Jim Cain
GM Communications
313-407-2843
james.cain@gm.com





 
January
(Calendar Year-to-Date)
January - January
 
2014
2013
%Change Volume
 
2014
2013
%Change Volume
 
Enclave
3,509
4,895
-28.3
 
3,509
4,895
-28.3
 
Encore
2,366
353
570.3
 
2,366
353
570.3
 
LaCrosse
2,849
3,548
-19.7
 
2,849
3,548
-19.7
 
Regal
1,434
1,005
42.7
 
1,434
1,005
42.7
 
Verano
3,120
3,660
-14.8
 
3,120
3,660
-14.8
 
Buick Total*
13,278
13,463
-1.4
 
13,278
13,463
-1.4
 
ATS
1,909
2,781
-31.4
 
1,909
2,781
-31.4
 
CTS
2,232
2,505
-10.9
 
2,232
2,505
-10.9
 
ELR
41
0
***.*
 
41
0
***.*
 
Escalade
704
857
-17.9
 
704
857
-17.9
 
Escalade ESV
381
518
-26.4
 
381
518
-26.4
 
Escalade EXT
25
172
-85.5
 
25
172
-85.5
 
SRX
4,446
4,380
1.5
 
4,446
4,380
1.5
 
XTS
1,648
1,900
-13.3
 
1,648
1,900
-13.3
 
Cadillac Total*
11,386
13,116
-13.2
 
11,386
13,116
-13.2
 
Avalanche
31
1,939
-98.4
 
31
1,939
-98.4
 
Camaro
4,733
4,925
-3.9
 
4,733
4,925
-3.9
 
Caprice
200
237
-15.6
 
200
237
-15.6
 
Captiva Sport
3,765
3,936
-4.3
 
3,765
3,936
-4.3
 
Colorado
14
822
-98.3
 
14
822
-98.3
 
Corvette
2,261
908
149.0
 
2,261
908
149.0
 
Cruze
16,828
14,524
15.9
 
16,828
14,524
15.9
 
Equinox
14,547
17,223
-15.5
 
14,547
17,223
-15.5
 
Express
3,892
3,962
-1.8
 
3,892
3,962
-1.8
 
Impala
11,898
14,153
-15.9
 
11,898
14,153
-15.9
 
Malibu
11,822
15,823
-25.3
 
11,822
15,823
-25.3
 
Silverado-C/K Pickup
28,926
35,445
-18.4
 
28,926
35,445
-18.4
 
Sonic
6,587
7,177
-8.2
 
6,587
7,177
-8.2
 
Spark
1,848
2,408
-23.3
 
1,848
2,408
-23.3
 
Suburban (Chevy)
1,705
2,292
-25.6
 
1,705
2,292
-25.6
 
SS
232
0
***.*
 
232
0
***.*
 
Tahoe
3,514
3,619
-2.9
 
3,514
3,619
-2.9
 
Traverse
5,368
6,770
-20.7
 
5,368
6,770
-20.7
 
Volt
918
1,140
-19.5
 
918
1,140
-19.5
 
Chevrolet Total*
119,089
137,304
-13.3
 
119,089
137,304
-13.3
 
Acadia
5,463
5,188
5.3
 
5,463
5,188
5.3
 
Canyon
1
302
-99.7
 
1
302
-99.7
 
Savana
1,936
1,044
85.4
 
1,936
1,044
85.4
 
Sierra
11,118
12,846
-13.5
 
11,118
12,846
-13.5
 
Terrain
7,063
8,550
-17.4
 
7,063
8,550
-17.4
 
Yukon
1,287
1,690
-23.8
 
1,287
1,690
-23.8
 
Yukon XL
865
1,196
-27.7
 
865
1,196
-27.7
 
GMC Total
27,733
30,816
-10.0
 
27,733
30,816
-10.0
 
GM Vehicle Total*
171,486
194,699
-11.9
 
171,486
194,699
-11.9
 
25 selling days for the January period this year and 25 for last year.
 
 
 
 
 
*Totals include discontinued Buick Lucerne, Cadillac DTS, and Chevrolet HHR.
 
 
 






GENERAL MOTORS COMPANY
Sales Tables
 
 
 
 
 
 
 
 
January
Total Sales
YOY Change
Retail Sales
YOY Change
Chevrolet
119,089
-13.3%
85,088
-7.9%
GMC
27,733
-10.0%
24,091
-15.4%
Buick
13,278
-1.4%
11,585
-6.7%
Cadillac
11,386
-13.2%
10,607
-14.1%
Total
171,486
-11.9%
131,371
-9.8%
 
 
 
 
 
2014CY
Total Sales
YOY Change
Retail Sales
YOY Change
Chevrolet
119,089
-13.3%
85,088
-7.9%
GMC
27,733
-10.0%
24,091
-15.4%
Buick
13,278
-1.4%
11,585
-6.7%
Cadillac
11,386
-13.2%
10,607
-14.1%
Total
171,486
-11.9%
131,371
-9.8%
 
 
 
 
 
Fleet Segment
Month
YOY Change
2014 CY
CY Change
Share of Sales
23.4%
-1.8 points
23.4%
-1.8 points
 
 
 
 
 
Inventory
Units at
Month-end
Days Supply
(selling day adjusted)
Units at
Previous
Month-end
Days Supply
(selling day adjusted)
All Vehicles
780,140
114
748,125
81
 
 
 
 
 
 
Industry Sales
Month (est.)
2014 (est.)
 
 
Light Vehicle SAAR
15.3 million range
15.3 million range