GM's competitiveness is not only dependent upon labor costs, but also on the speed of its decision-making, its success in responding to the market appropriately and its ability to identify the growth segments in the market.
Capitalizing on growth in Asia through Daewoo is essential if GM is to achieve a profitable mix of businesses. They can't do it by just cutting costs in North America.
We think it would take a rapid acceleration in economic growth and/or sharp capacity reduction, both of which appear unlikely.
Even though the U.S. economy's pretty healthy, there's not much growth in demand. Everybody who needs a car has already bought one.
We expect this mix improvement to overwhelm difficult market conditions for the foreseeable future, and therefore, we now expect solid earnings growth in 2002,