18 Quotes by Richard Wagoner

Our teams worked hard to find profitable ways to further strengthen the Oldsmobile product line, including consideration of products developed with our global alliance partners,

A number of other U.S. companies have already taken similar action in the face of these rising costs and increasing global competition. In particular, U.S. healthcare costs continue to rise at high rates. When these benefits were conceived decades ago, no one could have foreseen the explosive cost inflation that we have been experiencing in recent years. These costs are simply not sustainable.

This approval allows us to fulfill those important objectives as we continue to rapidly implement all aspects of our North American turnaround plan.

This is a difficult but necessary decision and it was made only after the greatest deliberation.

The North American market is red hot and brutally competitive,

I'm not conceding anything to anybody. We respect our competition around the world, and we're realistic about our challenges and opportunities. We know we have to earn the right to maintain our global sales leadership, and we're doing that day after day.

China also is going well for us, particularly now that we have the market covered from the bottom to the top.

These are difficult decisions that involve sacrifices by our employees, stockholders, retirees, and the senior leadership team. However, we are confronting a dramatic change in our industry and in the global competitive environment, and that requires us to look for additional ways to reduce financial risk and improve our competitiveness for the long term.

These potential actions are intended to restore GMAC's investment-grade credit rating and to renew its access to low-cost funding, ... In addition, these actions are designed to preserve and to grow the synergies between GM and GMAC, especially cost-effective auto financing, and sustaining GMAC's diversified earnings growth.