Successful in US - avaiable in Europe from spring 2011: the Camaro (Image: Chevrolet)

According to John Fitzpatrick, Chevrolet Camaro marketing manager, the success can be attributed to the Camaro’s appeal to both loyal fans, and those new to the brand. “When the new Camaro went on sale, it was predominantly bought by Chevrolet owners, or Camaro enthusiasts who already owned a previous-generation. Today, about half of 2010 Camaro buyers are new to Chevrolet,” said Fitzpatrick.

Camaro sales outside the U.S. are expected to grow significantly, as Chevrolet increases production to accommodate exports for Chevrolet’s biggest markets, including Brazil, China, Russia, South Korea. In Europe, the Camaro coupe and convertible will be added to the Chevrolet product line-up in spring 2011.

Heading for Europe: the Chevrolet Corvette Grand Sport (Image: Chevrolet)

Chevrolet Corvette Grand Sport (Image: Chevrolet)

The new Grand Sport combines the Corvette’s LS3-based powertrain with wide-body styling, a wider track and a racing-bred suspension for a distinctive model that delivers a great balance of road and race track performance. It is offered with either a six-speed manual or six-speed automatic transmission. The LS3 6.2L engine is rated at 436 horsepower (321 kW) and 575 Nm of torque with the standard exhaust system.

The Grand Sport brings an even greater degree of handling performance, with wider wheels and tires; revised shock, stabilizer bar and spring specifications; and specific gearing. A combination of 0-100 km performance of four seconds, skid pad adhesion of 1 g and an estimated extra-urban fuel consumption of only 9.2 l/100 km makes it a very well-rounded sports car.

Grand Sport coupe models equipped with the manual transmission are uniquely outfitted for race track competition, too, with a dry-sump oiling system, differential cooler and a rear-mounted battery.

Interior of the Chevrolet Corvette Grand Sport (Image: Chevrolet)

The LS3 6.2L engine is rated at 436 horsepower (321 kW) and 575 Nm of torque. (Image: Chevrolet)

The complete list of content and special features for the Grand Sport includes:

• Wider front and rear fenders – including specific front fenders with integrated Grand Sport badges
• Z06-style front splitter and tall rear spoiler
• Functional brake ducts and extra cooling
• Unique 18-inch front and 19-inch rear wheels; painted finish standard and chrome finish optional
• Large 275/35ZR18 tires in front and 325/30ZR19 tires in the rear
• Z06-size brakes, including 355 mm front rotors with six-piston calipers and 340 mm rear rotors with four-piston calipers
• Specific manual transmission gear ratios
• Specific rear axle ratio on automatic-equipped models

With its special equipment, the Grand Sport offers a unique blend of performance and amenities. Its suspension package approaches that of the Z06, but includes a removable roof on coupes (Z06 has a fixed roof) and, of course, the availability of a convertible body style. Also, the paddle-shift six-speed automatic transmission is offered, while a manual transmission is the only choice with the Z06.

All of Corvette’s exterior colors are offered on the Grand Sport, and an available Heritage package adds iconic front fender hash marks offered in four colors, as well as two-tone seats with Grand Sport embroidery. The Grand Sport can be ordered with four different trim  packages, too.

Grand Sport history

Envisioned by legendary Corvette engineer Zora Arkus-Duntov as a factory-built, lightweight and race-ready production model that would trump domestic and foreign road-racing competitors, the original Corvette Grand Sport was a promising idea that led to the production of five special prototypes in 1963. The project was later shelved, following GM’s decision to stay out of manufacturer-backed motorsports.

The five prototypes were based on the styling of the 1963 Corvette and were hand-assembled under Duntov’s watchful eye. But while they looked like production models, the prototypes were purpose-built race cars that shared little with their assembly line cousins. Duntov also oversaw the Grand Sport engine program that featured a special, 377-cubic-inch small-block V-8 with side-draft carburetors.

Although never officially sanctioned by General Motors, the five Grand Sport prototypes saw extensive racing experience throughout the 1960s in the hands of “private” racers who had strong contacts within Duntov’s engineering circle. All five original cars are accounted for today and are among the most valuable in the collector market.

Chevrolet offered a limited-edition Grand Sport production model in 1996, commemorating the original racing cars and marking the end of the C4 era in Corvette production. All of the 1,000 units were painted Admiral Blue and featured a white center stripe and red “hash mark” graphics on the left front fender, a graphic scheme that mimicked the look of some of the original race cars.

New Generation: The Volt is the first electric car of Chevrolet (Image: GM)

“It is natural that California is the lead market for Volt. Not only is it the largest automotive market, Californians are known to be leaders in adopting groundbreaking new technologies,” said Brent Dewar, GM vice president, Global Chevrolet Brand.

Volt production is scheduled to begin in late 2010. Pricing has not been announced. The initial Volt launch markets, including California, will play a vital role in validating the retail market readiness for electric vehicles. GM is working with key utilities across North America to prepare each regional market in advance of the retail market deployment.

Three California utilities participating in the demonstration project are Pacific Gas and Electric, Southern California Edison and Sacramento Municipal Utility District. They join EPRI, an independent, nonprofit research organization based in Palo Alto, Calif., and seven other utilities in the project. EPRI’s utility members represent more than 90 percent of the electricity generated and delivered in the United States.

As part of the research and demonstration program, Chevrolet will deliver more than 100 Volts to program participants to use in their fleets for two years. Chevrolet will also utilize OnStar telematics technology to collect vehicle performance data and driver feedback that will be reported to the DOE and used to improve customers’ experiences with the new technology.

Because the Volt is designed to conveniently charge anywhere, the program also includes installing more than 500 charging stations for residential, business and public use. The charging stations will be used to learn more about the installation, the vehicle charging process and to gain customer feedback on the experience.

The Chevrolet Volt is designed to drive up to 40 miles on electricity without using gasoline or producing tailpipe emissions. When the Volt’s lithium-ion battery runs low, an engine/generator seamlessly operates to extend the total driving range to more than 300 miles before refueling or stopping to recharge the battery.

The Volt is more than its advanced electric propulsion system. With technology beyond the battery, the Volt takes personalization, feedback and interaction to new levels.

The Volt’s “Efficiency Meter” in the digital instrument cluster gives the driver real-time feedback on driving efficiency. The heating and cooling system has three efficiency modes, while activating the Volt’s “Green Leaf” button provides access to vehicle Power Flow, Charging and Energy information. The driver will be able to set the charging schedule inside the vehicle or remotely, based on time of day or cost. And the Volt even has audio and visual cues to alert the driver when the car powers on, off and when charging is activated.

The Volt has been keeping a high profile in and around Los Angeles in the days leading up to the auto show. It has visited notable L.A.-area restaurants, the Westlake Century City Mall in West Los Angeles and was featured at a nationwide school assembly based at the Harvard-Westlake preparatory school. Chevrolet will also introduce a new Volt song designed to educate and entertain consumers during the auto show’s public days.

Ferociuos look: 2010 Chevrolet Camaro LT with an RS Appearance Package (Image: GM)

2010 Chevrolet Camaro LT with an RS Appearance Package (Image: GM)

2010 Chevrolet Camaro LT with an RS Appearance Package (Image: GM)

Built on the new global rear-wheel-drive passenger car platform, Camaro embodies GM’s global vehicle development and design process. The original design concept was conceived in the United States, with engineering shared by both Australia and U.S. teams. Validation was conducted on roads throughout the world and assembly is handled by GM’s award–winning plant in Oshawa, Ontario, Canada.

With a design that is very close to the original concept, the 2010 Camaro acknowledges its heritage from the first-generation Camaro, produced from 1967 through 1969. The two-door sports coupe features classic proportions over a 112.3-inch (2,852 mm) wheelbase. The overall length of the Camaro is 190.4 inches (4,836 mm); width and height are 75.5 inches (1,918 mm) and 54.2 inches (1,376 mm), respectively.

The long hood and short deck are pushed to the far corners of the muscular fender forms and a fast, 67-degree rake windshield contributes to aerodynamic performance that includes a 0.37 coefficient of drag (Cd) on V-6 models and a slightly sleeker 0.35 Cd on the V-8-powered SS model.

2010 Chevrolet Camaro: V8 Engine (Image: GM)

Wheel arch openings received special attention through the design process. Whether the Camaro is equipped with the standard 18-inch, or optional 19-inch or 20-inch wheels, the relationship of the top of the tire and bottom of the fender is consistent on all models. All models also feature the classic “V” design motif in the nose, along with a 2.5-inch (63.5 mm) power dome in the aluminum hood, reminiscent of high-performance Camaro models. On SS models, a simulated air intake is located in the upper front fascia and the lower air intake is larger.

On the top, designers took a cue from Corvette and sculpted twin cockpits across the roof, giving the vehicle a distinctive Chevrolet presence. From the outside, the B-pillar is invisible to the eye, lending the true appearance of a hardtop coupe. The B-pillar is designed to provide increased structural rigidity to the car. And to ensure quality in the manufacturing process, a one-piece body stamping provides a cleaner overall side appearance that is free of seams, gaps or plastic appliqués. “Gills” located in the front of the rear quarter panel also are familiar Camaro styling cues.

Ten exterior colors are available and include Black, Victory Red, Rally Yellow and Silver Ice Metallic. Red Jewel Tintcoat is also available as an option. The color palette also includes Cyber Gray Metallic, Aqua Blue Metallic, Inferno Orange Metallic, White and Imperial Blue Metallic.

An RS appearance package is available on LT and SS. It includes HID headlamps with integrated halo rings, a rear spoiler on LT, specific taillamps and 20-inch wheels with a Midnight Silver finish.

Interieur Design

Not perfect: More sporty would have been better (Image: GM)

Inside the four-passenger cabin, a well-executed balance of heritage, modern design and attention to detail conveys simplicity and refinement with contemporary details in the cluster, switches, dials and lighting. An available ambient light package, for example, offers advanced LED light pipe technology, giving the cabin a distinctive glow.

Deep, recessed gauges, located in square housings outlined in chrome, give a nod to the classic Camaro interior. The instrument panel gauges include both speedometer and engine rpm, with a driver information center located between the large gauges – its readouts and features controlled via a stalk on the steering column. An optional, console-mounted gauge package includes oil pressure, oil temperature, volts and transmission fluid temperature. The gauge package is included on 2LT and 2SS models.

Cloth upholstery is standard and leather-appointed seats are included on 2LT and 2SS models. Four-way manual adjustment including fore/aft and up/down on the driver seat and two-way adjustment on the passenger seat is standard. Heated, leather-trimmed seats with driver six-way power adjustment are optional.

Both LT and SS standard cloth and available leather interior colors are black, gray and beige. The front seat travel is a generous 8.5 inches (216 mm) from front to back. On SS models, the seats feature a distinctive SS logo on the headrest with contrasting stitching. An Inferno Orange interior trim package also will be available with leather interiors.

All models include a three-spoke steering wheel with manual tilt/telescope adjustment. Cruise control and rear defog also are standard, while a leather-wrapped steering wheel and shift knob; redundant steering wheel controls; Bluetooth and USB port are part of the available Driver Convenience and Connectivity package. Also included in the package is remote start on automatic transmission-equipped vehicles, as well as a personal device interface module for iPods.

Soon after production begins, customers will be able to order a short-throw Hurst shifter that provides quick, concise shifting.

Camaro’s entertainment systems include a single-CD radio with six speakers that is standard on LS, LT and SS models. A premium, 245-watt Boston Acoustics nine-speaker audio system can be ordered on LT and SS models. XM Satellite Radio is standard on all models.

All models also include power door locks and express up and down driver and passenger window. Cargo capacity can be increased with the standard fold-down rear seat. The capacity of the trunk is 11.3 cubic feet (320 liters).

For the 2008 calendar year, GM reported an adjusted net loss, excluding special items, of $16.8 billion, or $29.00 per diluted share. This compares to an adjusted net loss of $279 million, or $0.49 per diluted share in 2007. The 2008 results were driven by the impact of the U.S. recession and subsequent global contagion. Including special items, the company reported a loss of $30.9 billion, or $53.32 per diluted share, compared to a reported loss of $43.3 billion, or $76.52 per diluted share in 2007, which included a non-cash special charge of $38.3 billion in the third quarter related to the valuation allowance against deferred tax assets.

“2008 was an extremely difficult year for the U.S. and global auto markets, especially the second half, ” Chairman and CEO Rick Wagoner said.“ These conditions created a very challenging environment for GM and other automakers, and led us to take further aggressive and difficult measures to restructure our business.

“We expect these challenging conditions will continue through 2009, and so we are accelerating our restructuring actions. At the same time, we are continuing our commitment to exciting, fuel-efficient cars and trucks, and the leadership in advanced propulsion technology .”

GM total revenue in 2008 was $149 billion, compared with $180 billion in 2007. GM’s core automotive business generated revenue of $148 billion in 2008, down from $178 billion in 2007. The revenue decline was predominantly due to the precipitous drop in sales amid record low consumer confidence in the U.S. and sharply lower sales across all of GM’s operating regions due to economic turmoil in the global markets. Global industry sales in 2008 were down 5 percent, or 3.6 million vehicles, versus 2007 levels, and U.S. industry sales fell by 18 percent, or nearly 3 million units.

In the fourth quarter 2008, GM posted an adjusted net loss of $5.9 billion or $9.65 per diluted share, compared to adjusted net income of $46 million, or $0.08 per diluted share in the year-ago period. Including special items, the company reported a net loss of $9.6 billion, or $15.71 per diluted share in the fourth quarter 2008, compared to a net loss of $1.5 billion, or $2.70 per diluted share in the year-ago period.

The fourth quarter 2008 results reflect special items totaling $3.7 billion. Special charges include :

• $1.1 billion impairment charge primarily relating to actions being taken regarding the Hummer and Saab brands
• $1.0 billion charge relating to adjustments to the value of deferred tax assets in various countries outside of the U.S.
• $900 million of restructuring and capacity-related costs
• $660 million increase to the Delphi reserve relating to the valuation of future pension obligations
• $610 million of gross goodwill impairments in Europe and North America
• $533 million net gain relating to GM’s portion of the GMAC bond exchange gain, net of an impairment taken on GM’s holdings in GMAC

Details on all special items are included in the “Highlights” section of this news release.

Effective Oct. 1, 2008, GM discontinued the use of hedge accounting treatment, on a prospective basis, to comply with SFAS 133. This resulted in a positive net effect on fourth quarter earnings of $436 million.

In accordance with SFAS 157, GM incorporates its credit risk when measuring the fair value of its derivative liabilities. As a result of GM’s increasing credit risk, the fair value of its derivative liabilities declined in the fourth quarter, resulting in a net gain of $1.4 billion.

GM reported revenue of $30.8 billion in the fourth quarter 2008, down from $46.8 billion in the fourth quarter 2007. Revenue from automotive operations totaled $30.6 billion in the quarter, compared to $46.5 billion from the prior year, largely driven by the sharp decline in global industry volume.

GM reports its automotive operations and regional results on a pre-tax basis, with taxes reported on a total corporate basis.

GM Automotive Operations

GM’s global automotive operations posted an adjusted loss before tax of $10.4 billion in 2008 (reported loss of $16.3 billion), compared to adjusted income before tax of $553 million in 2007 (reported loss of $1.9 billion). In the fourth quarter 2008, GM’s automotive operations had an adjusted loss before tax of $4.0 billion (reported loss of $6.4 billion), compared to an adjusted loss before tax of $803 million in the year-ago quarter (reported loss of $1.2 billion).

GM 2008 worldwide sales were 8.35 million vehicles, down 11 percent, or 1.01 million vehicles, driven by the industry-wide contraction in global vehicle sales. In 2008, 5.38 million vehicles, or 64 percent of GM’s global sales, were outside of the U.S., up from 59 percent a year ago. GM’s Asia Pacific (GMAP) and Latin America, Africa and Middle East (GMLAAM) regions each grew sales volume by nearly 3 percent, and more than 2 million vehicles were sold in Europe for the third consecutive year. Despite softer industry sales, GM continues to lead in emerging markets, posting market share growth in 14 of 26 of the emerging markets.

GM North America (GMNA) posted an adjusted loss before tax of $2.1 billion in the fourth quarter 2008 (reported loss of $3.5 billion), compared to an adjusted loss before tax of $1.1 billion in the fourth quarter 2007 (reported loss of $1.3 billion). These results were impacted by significant declines in U.S. industry volume, leased vehicle residual adjustments, increased incentives and unfavorable product mix, partially offset by favorable cost performance, SFAS 157 adjustments and foreign exchange. For 2008, GMNA posted an adjusted loss before tax of $9.4 billion (reported loss of $14.1 billion), compared to an adjusted loss before tax of $1.5 billion in the year-ago period, excluding special items (reported loss of $3.3 billion).

As a result of GM’s ongoing restructuring initiatives to adapt to current economic conditions, significant actions have been taken to reduce its structural cost. In North America, GM reduced structural cost from $33.8 billion to $30.8 billion, or $3.0 billion, during 2008.

For the fourth quarter 2008, GM Europe (GME) posted an adjusted loss before tax of $956 million (reported loss of $1.9 billion) versus an adjusted loss before tax of $215 million in the year-ago period (reported loss of $445 million). The decline in fourth quarter earnings was largely attributable to the lower industry volume across the region, unfavorable model mix and unfavorable foreign exchange and commodity hedging, partially offset by strong cost performance. For 2008, GME posted an adjusted loss before tax of $1.6 billion (reported loss of $2.8 billion), compared to adjusted income before tax of $55 million in the year-ago period, excluding special items (reported loss of $524 million).

In the fourth quarter, GMLAAM posted an adjusted loss before tax of $154 million (reported loss of $181 million), down from adjusted income of $424 million in the fourth quarter of 2007 (reported income of $424 million). Fourth quarter results were impacted by lower industry volume in Brazil, Venezuela and other key markets, and unfavorable foreign exchange, offset by favorable model mix and pricing. For the year, GMLAAM posted adjusted earnings before tax of $1.3 billion (reported income of $1.3 billion), which was comparable to 2007 adjusted earnings of $1.3 billion (reported income of $1.3 billion). Despite a slowdown in the fourth quarter, GMLAAM achieved record revenue of $20.3 billion and sales volume of almost 1.3 million vehicles for the calendar year.

GMAP posted an adjusted loss before tax of $879 million for the fourth quarter (reported loss of $917 million), compared to adjusted income of $72 million in the year-ago period (reported income of $72 million). GMAP fourth quarter earnings were impacted by lower industry volume, unfavorable pricing, unfavorable foreign exchange and commodity hedging, partially offset by favorable model and mix and continued favorable cost performance. For the year, GMAP posted an adjusted loss before tax of $664 million (reported loss of $800 million) compared to adjusted income of $744 million (reported income of $681 million) for 2007.

GMAC

In the fourth quarter, GMAC Financial Services (GMAC) reported net income of $7.5 billion, driven largely by the company’s December bond exchange, compared to a net loss of $724 million in the fourth quarter of 2007. Excluding the $11.4 billion gain on its bond exchange, GMAC’s results in the fourth quarter reflected a net loss of $4.0 billion, driven primarily by losses in North America automotive finance and continued losses at Residential Capital, LLC (ResCap). GMAC reported net income of $1.9 billion in 2008, compared with a net loss of $2.3 billion in 2007.

GM realized an adjusted loss of $4.7 billion attributable to GMAC, as a result of its 49 percent equity interest for the year, and an adjusted loss of $1.9 billion for the fourth quarter. This excludes a fourth quarter net gain of $533 million related to GM’s portion of GMAC’s bond exchange gain that was largely offset by an impairment of GM’s investment in GMAC.

Cash and Liquidity

Cash, marketable securities and readily available assets of the Voluntary Employees Beneficiary Association (VEBA) trust totaled $14.0 billion as of Dec. 31, 2008, down from $27.3 billion on Dec. 31, 2007. GM had adjusted automotive operating cash flow of negative $5.2 billion in the fourth quarter, and ended the 2008 calendar year with adjusted automotive operating cash flow of negative $19.2 billion, largely due to lower volume across GM’s global operations and negative working capital.

On Dec. 31, 2008, GM entered into a loan agreement with the U.S. Department of Treasury (UST) for funding of $13.4 billion, payable in three tranches. The initial installment of $4.0 billion was provided to GM on Dec. 31, 2008, followed by subsequent installments of $5.4 billion and $4.0 billion on Jan. 21, 2009 and Feb. 17, 2009, respectively.

In accordance with the terms of the loan, GM submitted to the UST on Feb. 17, 2009 a comprehensive global restructuring plan that demonstrates GM’s long-term viability. GM is working with its key stakeholders as the company implements the actions outlined in the plan, to create a revitalized, more cost competitive company, dedicated to developing world-class vehicles and leading advanced propulsion technologies.

As a result of year-end measurements of GM’s net pension obligations, it was determined that the U.S. hourly and salaried qualified pension plans are currently underfunded, on a combined basis, by approximately $12.4 billion. Several factors contributed to the underfunded status, including service and interest costs; lower asset returns; lower discount rates; changes in actuarial assumptions; various hourly initiatives including the UAW special attrition program, VEBA agreement, Delphi pension transfer and IUE contract; and salaried initiatives including the pension benefit changes relating to the elimination of post-65 retiree healthcare and the salaried retirement program. While no additional pension contributions are anticipated over the next three years, the funded status of the pension plan is subject to a number of variables. GM will continue to analyze its pension funding strategies going forward.

GM intends to take advantage of the extension of the time required to file its 2008 10-K, which the SEC rules allow by filing Form 12b-25. This provides GM with up to 15 additional days in which to file its 2008 10-K, without being considered “late” by the SEC. The company believes this is a prudent step to take at this critical time as it allows more time for thorough review of the extensive financial and other disclosures regarding the events that occurred at year-end 2008 and during early 2009. Additionally, as a result of the bond exchange, GM’s 2008 10-K will contain information regarding executive compensation, which would not normally be disclosed until the proxy statement is issued for GM’s annual stockholder meeting.

Finally, GM anticipates receiving a “going concern” opinion from its auditors in the 2008 10-K. GM and its auditors must determine whether there is substantial doubt about GM’s ability to continue as a going concern. GM’s Viability Plan filed with the UST on Feb. 17, 2009, included a request for additional funding from the UST, as well as support from other governments outside of the U.S. GM requires this funding in 2009 to continue operations until global automotive sales recover and its restructuring actions generate benefits, resulting in the company being able to fund its own operating requirements.