General Motors 2010 Annual Report Download - page 7

General Motors Company 2010 Annual Report 5
Our third area of focus is fi nancial discipline. We will
maintain a sharp global focus on cost management as
we invest in products and technology and expand to
meet increasing demand. At the same time, we are build-
ing a strong and resilient balance sheet, and expect to
maintain a minimal level of debt and to take meaningful
steps toward fully funding our U.S. pension plans.
BUILDING THE NEW GM
We are moving with increased speed and agility, and
implementing change faster than ever before. We are
becoming a company with the capability, resources
and confi dence to play off ense, not defense. Instead of
creating new vehicles that are just better than their
predecessors, we’re working to design, build and sell
vehicles that defi ne the industry standard.
I would like to close this letter with sincere thanks, from
every one of us at General Motors, to the American and
Canadian people and their governments. We will always
be grateful for their support in GM’s hour of greatest need,
and we are determined to prove that this was an invest-
ment worth making.
I would also like to thank the investors who made our
public off ering so successful. Most of all, I want to thank
our employees, retirees, dealers, union partners and many
other stakeholders who stood by us through the toughest
of times, and who made the sacrifi ces necessary for us
to create our new company.
For the fi rst time in decades, the playing fi eld in the
auto business is level. Now, the best car truly can win.
GM can now dedicate its full attention to designing,
building and selling the world’s best vehicles—something
that we hadn’t been able to do in the past, due to a
historical cost structure that was unsustainable, distracted
our resources and hindered our ability to compete.
We will never forget the path that led to the old GM’s
bankruptcy and the sacrifi ces that were made by many to
create the new GM. Most important, we learned from that
experience, we understand why it happened and we will
never go back there again. That is our commitment.
GM’s strong 2010 results were evidence of what we now
can achieve. Make no mistake; we have a long road ahead.
There will be many bumps and unexpected bends.
And we are building the right vehicle to navigate them:
The New GM.
Thank you.
Sincerely,
Daniel F. Akerson
Chairman & Chief Executive Offi cer
General Motors Company
Chevrolet Silverado HD named
2011 Motor Trend Truck of the Year.
Editors recognized Silverado for engineering
excellence and advanced design, effi ciency,
safety, value and performance, especially the
truck’s new Duramax diesel engine, which
delivers increased performance and signifi cantly
reduced emissions.
*See page 20 for a reconciliation of non-GAAP measures to results reported under U.S. GAAP.