Word: gm
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Dates: during 1990-1999
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General Motors too is headed for East Germany. GM plans to build 150,000 Opels a year in the country with Automobilwerk Eisenach, its East German partner, by the mid 1990s. Industry experts say GM's total investment in the deal could reach $600 million. Yet that will represent only part of GM's foray into Eastern Europe. Among other deals, the automaker plans to produce 200,000 engines and 20,000 Opels a year in Hungary in a $150 million venture with RABA, the country's state-owned truck manufacturer...
...GM chairman (and butt of the film Roger & Me) got some respect: a proposal, pending shareholder approval, to nearly double his annual pension to $1.2 million after retirement...
...This is what we were hoping to stimulate." Automakers have also been tinkering along these lines. Peugeot and Fiat have announced plans to sell electric vehicles in Europe within the next few years, and Ford is testing an electrified model of the Aerostar van. Not to be left behind, GM Chairman Roger Smith announced last week that his company will proceed with commercial production of its sleek battery-powered Impact, although experts say the sedan is not likely to reach dealer showrooms before...
Widely admired among his troops as "a car guy," Stempel, the first career engineer to run the company, earned an M.B.A. in night school and a reputation for decisiveness and innovation while working his way up at GM. As head of the Adam Opel operation in West Germany in the early 1980s, for example, he was credited with igniting the transformation of GM's inefficient European arm into a powerhouse. Overseas car operations contributed $2.6 billion of the company's $4.2 billion in 1989 earnings. Having won his stripes under the hood, Stempel must now take swift action to restore...
...expected to continue such Smith policies as investing in state- of-the-art manufacturing technology, improving quality and cracking down on costs. In contrast to the somewhat autocratic Smith, though, the new chief is by nature a team leader, known for listening to the troops. To rebuild customer enthusiasm, GM needs some better ideas. Industry experts who applauded Stempel's appointment hope his thorough grasp of what makes cars go will help him move more of them out of the showrooms...