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To: porcupine --''''> who wrote (769)	9/14/1998 8:09:00 PM
From: porcupine --''''>	Respond to of 1722

"International operations seen as GM's growth engine" By Ben Klayman DETROIT, Sept 11 (Reuters) - General Motors Corp. remains dedicated to investing overseas because foreign markets will be the automaker's growth engine, GM's top international executive said on Friday. The world's largest automaker plans to invest $14.5 billion in its international markets from 1999 to 2003, up from $11.2 billion in the current five-year period, Louis Hughes, president of GM's international operations, told a press briefing at the downtown Detroit Institute of Arts. "The international side of the business is clearly the growth part of General Motors," he said. "The North American market has been operating at the peak of its cycle for the last several years." GM's international operations last year had sales of $35.6 billion, enough to rank it 21st on the Fortune 500 list of the largest U.S. companies and up from $35.2 billion the previous year, Hughes said. International operations made up about one-fifth of GM's total sales last year. The international operation's total net income after charges last year was $481 million, down from $1.5 billion the year before. It has earned $341 million through the first half of this year. Hughes said his division sold a record 3.2 million vehicles last year and was the market leader in Europe and Latin America. GM's commitment overseas remains despite financial problemsin Japan, Korea, Russia, Brazil and the rest of Latin America, he said. Nevertheless, the automaker is prepared for more short-term pain. "It's clear that the recovery in Asia will take more than a couple of years - maybe three to five years - but it will recover," he said. The recovery could be delayed further if Japan is unable to right its economy, China devalues its currency or Korea's economy collapses, Hughes said. GM will not delay plans to invest overseas, however, because automakers need to refreshen their products or they will be caught selling older, out-of-style models when economies rebound, said Pat Campbell, vice president of finance for GM's international operations. "There's a danger of becoming too old from a product standpoint," he said. "It's a delicate balance, making sure you don't invest at the wrong time." The only investment affected by Asia's financial problems has been the slowdown in construction of and lower investment in an assembly plant in Thailand, he said. Capacity increases at other plants also have been delayed. ((--Detroit Newsroom, 313-870-0200))

To: porcupine --''''> who wrote (769)	9/18/1998 12:53:00 PM
From: porcupine --''''>	Read Replies (2) \| Respond to of 1722

GM to stop making Rivieras in November -- Reuters FLINT, Mich., Sept 16 (Reuters) - General Motors Corp.'s Buick division said Wednesday it will stop making the Riviera, first introduced more than 35 years ago when consumers were lured by the full size sleek luxury two-door coupe. Buick said it will cease production of the Buick Riviera at GM's Orion assembly plant in Michigan on Nov. 25, 1998, several months into the 1999 model year -- but held out the possibility of bringing the name back someday. Sales of Riviera, like those of most full-size coupes, have continued to decline and it is time to turn attention to more profitable models, Buick General Manager Robert Coletta said. Riviera sales slumped from 21,029 in the 1996 model year to 16,419 in 1997. The first Buick Riviera was produced for the 1963 model year and 37,179 of the sleek two-door models were sold. By 1969, annual sales were close to 50,000. Since 1963, about 1,080,000 Rivieras have been sold. Riviera's 1995 model at first brought increased sales (from 11,478 in 1992 to 25,536 in 1995) but never reached the historic peak of 55,000 in 1984 and 1985. Some critics blamed the fact that Riviera was a full-size coupe, which even in 1995 was a declining segment of the market, Buick said. "We're sorry to end production of Riviera, because it is indeed a proud name in the Buick lineup," Coletta said. "But the marketplace has spoken. Full-size luxury coupes represent a very small percent of the market and the segment has been in decline for a number of years," he said in a statement. In July, Ron Zarrella, GM's top marketing executive, said GM needs to reduce its car lines and put more effort into developing truck products. GM has about 80 car and truck lines, down from 109 four years ago. "We have nore cars than we need and not enough trucks. One of the outcomes of this may be getting out of those cars faster," Zarrella, GM vice president for sales, marketing and service, said at that time. Buick plans to end production with a limited edition of 200 1990 Riviera Silver Arrow cars. The name was taken from a 1963 concept Riviera still owned by the Sloan Museum in Flint, Michigan. The 1963 Silver Arrow was created for William Mitchell, then General Motors design chief, and had a lowered roof line and lengthened hood. Mitchell had the original idea for the 1963 Riviera. His vision was inspired, he said, when he saw the sharp, elegant lines of a Rolls-Royce softened by fog in front of the Claridge Hotel in London. Car and Driver magazine said the 1963 Riviera "stands alone among American cars in providing a combination of luxury, performance and general roadworthiness that approaches Bentley Continental standards at less than half the price." The 1963 model was priced at about $4,300. About 2,000 of the 1999 Rivieras will be made including the last 200 as the collectible models. The 1999 Riviera is priced at about $33,000. The price of collectible model was not available. Shares of GM closed off 6 cents to $58.81 on the New York Stock Exchange on turnover of more than two million shares. ((--Chicago Equities News at 312 408 8787, chicago.equities.newsroom@reuters.com))