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Old 01-12-2007, 06:04 PM   #1
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GM Plans to Spend $1 Billion on New-Product Development

GM Plans to Spend $1 Billion on New-Product Development
The Daily Auto Insider
Friday, January 12, 2007

General Motors says it will increase capital spending by up to $1 billion this year, The Detroit News reported.

"We're going to continue raising the bar in future product, with a particular focus on outstanding design and technology leadership," GM Chairman and CEO Rick Wagoner said.

GM expects newly designed vehicles to account for nearly 40 percent of showroom sales this year as it rolls out products designed to revive its brands and image, the story said.

In related news, the Dow Jones Newswires reported that GM's top brass, including CEO Rick Wagoner, will focus on continuing to increase revenue after a 5 percent gain through three quarters of 2006.

GM expects business fundamentals to improve in 2007, with 40 percent of its retail volume in the United States coming from what are considered new products.

GM also promised to sell at least 3 million vehicles at the retail level in the U.S. this year, representing about 23 percent of the total retail market. Retail sales exclude those to fleet customers, such as rental car firms and government or corporate accounts.
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