Dan Ammann, GM’s new President, made clear Wednesday that the automaker needs keep pushing its product portfolio and labor forces to restore value to its name continue to shed the Government Motors stigma.
At the Automotive News World Congress, Ammann told attendees that some recent product awards such as winning the North American Car and Truck of the Year awards this week, it needs to continue looking forward like he is in his office. He also said they need to be stronger against the fierce competition that is producing world class vehicles.
“We’re going to have to keep doing more of what we’ve been doing just to stay ahead of the pack,” he said in a Detroit News report.
The company plans to launch more than a dozen new or refreshed cars this year in the USA alone including two new midsize pickups; the company hopes this gives customers different selections to choose from.
Ammann said that the Chevy Equinox and Chevy Cruze have gained substantial market share, and have higher residual values than older models whose place they took. Furthermore, he believes that redesigned products such as the Chevy Impala are translating into higher costs consumers are willing to pay. GM’s average transaction price on the Impala is about $7,400 more than the older version and its residual value has been increased 11 points.
These signs, Ammann notes, “are good validation points from really early on in the turnaround of how great product can fundamentally transform the business.”