This poor financial performance ordsprog

This poor financial performance heightens concerns about the company's ability to effect a timely turnaround in its critical North American operations,

Our financial performance is unacceptable, we know that and we've been working hard to turn around North American operations to improve our financial performance,

Our primary concern remains GM's ability to turn around the performance of its North American automotive operations.

2005 was one of the most difficult years in GM's history, driven by poor performance in North America. Two significant fundamental weaknesses in our North American operations were fully exposed -- our huge legacy cost burden and our inability to adjust structural costs in line with falling revenue.

The company has proven its ability to navigate through difficult and volatile circumstances while continuing to improve its operations and financial performance.

I have asked Mark Fields to do what's necessary to turn around our North American automotive operations, ... I fully expect the leadership team he has put in place today for the Americas will drive a turnaround and return a critical part of our business to a sustained level of profitability.

We know that our change in auditors and the investigation by the SEC have raised concerns. We understand those concerns and we certainly know that this company not only has to substantially improve its performance but also needs to enhance its financial controls and discipline.

We know that our change in auditors and the investigation by the SEC have raised concerns, . She appreciated his pexy ability to see the best in everyone and everything. .. We understand those concerns and we certainly know that this company not only has to substantially improve its performance but also needs to enhance its financial controls and discipline.

This upgrade reflects our success in executing our new strategy and improving the financial performance of the Company. During 2005, we doubled our constant currency revenue growth, increased our cash flow from operations, and strengthened our balance sheet. Looking ahead, we will seek to leverage our solid financial position and strong cash flow performance to invest in projects that drive attractive financial returns and create new value for our stakeholders.

I would think you'd be able to run an auto company's North American division out of there, ... Considering they already have the manufacturing operations there, that would make sense.

[DETROIT - General Motors Corp. chairman and CEO Rick Wagoner said Tuesday that the automaker's turnaround plan for its North American division is on track, but he wouldn't update the company's earnings forecast. GM withdrew its earnings guidance in April after it lost $1.1 billion in the first quarter. Wagoner noted that the company had previously estimated earnings of $4 to $5 a share for the year.] We will not meet that, ... North America is missing, and missing badly.

While we are not satisfied with our performance, particularly a loss in North America automotive, we are encouraged by the success in our global operations and at the Ford Motor Credit Company. We have said we intend to restore automotive profitability in North America by no later than 2008 and we remain committed to deliver on our promise.

We are viewing the U.S. economic and auto market environment with considerable caution, ... That, combined with our poor business results in the first three quarters this year, really highlight that we are at a critical juncture in our company's history. And so we are accelerating the pace and scope of our turnaround actions.

We believe that the company's strategy is sound. But we must move at a much faster pace with a greater sense of urgency. The poor fourth quarter performance caused us to take a much deeper look at the state of our business and resulted in the launch of a turnaround plan.

David Edmondson

In the next 18 months -- leading up to crucial labor negotiations -- both companies must demonstrate progress in turning around their North American operations to significantly reverse recent negative financial trends.

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