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GM's Wagoner Makes Case For Company's Future On YouTube
09/23 10:58 am (ON)
Story 0392 (GM)
By Sharon Terlep Of DOW JONES NEWSWIRES

DETROIT -(Dow Jones)- General Motors Corp. (GM) Chief Executive Rick Wagoner has taken to YouTube to convince the world that that the auto maker will emerge from its latest turmoil.

Wagoner, in an unusual move for an executive of one of the world's largest companies, used the popular video sharing web site to stress that GM is doing what needs to be done to overcome the challenges facing the company.

"We do have to do some tough things to get through today's challenging environment," he said in a video titled "The Case for GM." "We are stepping up to those tough issues and it's expensive to do it and it's a challenge."

Wagoner noted that factors dragging on GM, from the tumult on Wall Street and a slumping U.S. economy to volatile oil prices, have "led a lot of people to ask, 'What's GM's future look like?'"

In the brief video, Wagoner said he believes GM has a solid future. He highlighted the company's efforts to grow in global markets and deliver new fuel-saving technology.

GM is trying to reassure investors shaken by massive losses in recent quarters, further exacerbated by a slumping U.S. auto market and rapid shift away from high-margin pickup trucks and sport-utility vehicles.

This past summer, the rolled out a liquidity boosting plan that calls for cutting $10 billion in costs and raising $5 billion through asset sales and the financial markets.

But the auto maker's latest move to draw $3.5 billion from its credit facilities has sparked new fears that GM lacks sufficient liquidity to survive the downturn.

GM's stock price has lost nearly two-thirds of its value in the past 12 months, swinging wildly in recent weeks. Shares were up 5.0% percent, at $12.16 in early trading Tuesday, after losing 11.5% during Monday's session.

The Wagoner video can be see at the following link: http://www.youtube.com/watch?v=NhJ7LXxShCc

-By Sharon Terlep, Dow Jones Newswires; 248 -204 -5532; sharon.terlep@dowjones.com.

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=mxZ 09luYJZP 8Iqr2QrN 8MA%3D%3D. You can use this link on the day this article is published and the following day.
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I can't get to youtube right now, so I have not watched it yet. Also, url looks odd with a space, so here it is with no space: http://www.youtube.com/watch?v=NhJ7LXxShCc