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Holden GM's star performer
By Neil McDonald
Herald Sun
HOLDEN emerged as a star performer in the General Motors global empire last year, generating profit growth even as it surrendered the No.1 sales position.
GM's Asia-Pacific division, which includes Holden, earned $577 million last year, more than three times the net income of $188 million in 2002, GM Corp's 2003 results announced this week show.
Holden spokesman Tristan Everett said the Asia- Pacific result vindicated the local company's drive to build profitability rather than chase top sales spot.
With bumper sales last year, Toyota snatched Holden's sales crown, selling 186,370 vehicles and achieving a market share of 20.5 per cent against Holden's No.2 spot with 175,412 vehicles and a 19.3 per cent market share.
A total of 909,811 vehicles were sold, an all-time record.
GM generated more than $32 billion in cash in 2003, about three times the company's original target, including more than $10billion from automotive operations, as well as proceeds from non-core asset sales and global debt offerings.
Its automotive operations earned $1.1 billion, compared with $2.6 billion in 2002, the company blaming the slide in profitability on higher pension and health costs in the US.
Chairman and chief executive Rick Wagoner said the result not only underscored the strength of the region and GM's rapid growth in China but also of the company's finance company, GMAC.
Mr Wagoner said: "In 2003, China became the world's third-largest market, and we expect sales to continue to grow this year.
"By leveraging our strengths as a global manufacturer with strong brands and great cars and trucks, we expect to improve our automotive profitability, increase revenue and build market share in 2004."
Article Here
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By Neil McDonald
Herald Sun
HOLDEN emerged as a star performer in the General Motors global empire last year, generating profit growth even as it surrendered the No.1 sales position.
GM's Asia-Pacific division, which includes Holden, earned $577 million last year, more than three times the net income of $188 million in 2002, GM Corp's 2003 results announced this week show.
Holden spokesman Tristan Everett said the Asia- Pacific result vindicated the local company's drive to build profitability rather than chase top sales spot.
With bumper sales last year, Toyota snatched Holden's sales crown, selling 186,370 vehicles and achieving a market share of 20.5 per cent against Holden's No.2 spot with 175,412 vehicles and a 19.3 per cent market share.
A total of 909,811 vehicles were sold, an all-time record.
GM generated more than $32 billion in cash in 2003, about three times the company's original target, including more than $10billion from automotive operations, as well as proceeds from non-core asset sales and global debt offerings.
Its automotive operations earned $1.1 billion, compared with $2.6 billion in 2002, the company blaming the slide in profitability on higher pension and health costs in the US.
Chairman and chief executive Rick Wagoner said the result not only underscored the strength of the region and GM's rapid growth in China but also of the company's finance company, GMAC.
Mr Wagoner said: "In 2003, China became the world's third-largest market, and we expect sales to continue to grow this year.
"By leveraging our strengths as a global manufacturer with strong brands and great cars and trucks, we expect to improve our automotive profitability, increase revenue and build market share in 2004."
Article Here
