General Motors Corp's top executive said on Thursday he does not expect the company to become a private company, but said the dynamics of the auto industry are changing rapidly and would not dismiss the idea completely.
"I don't think you can rule out anything now because the amounts of money being tossed around are so big," GM's chairman and CEO Rick Wagoner told reporters after a speech in Detroit.
"I don't see a mad rush to private ownership in the auto sector. However, I do expect there to be further consolidation in the auto business. But I don't know who and I don't know when," he said.
recent efforts
"Certainly the recent efforts haven't been all that successful," said Wagoner, who rejected a proposal last year to explore a potential merger or alliance with French-Japanese car-maker Nissan/Renault.
Wagoner also said that GM may end up working more closely with Chrysler on the financing side of the auto business in the future.
Cerberus Capital Management, the New York-based private equity firm, is buying an 80.1 percent stake in Chrysler.
Cerberus already owns 51 percent of GMAC, the finance company that up until earlier this year was wholly owned by GM.
"We have a relationship by virtue of our 51/49 percent ownership of GMAC. Our relationship has been positive," Wagoner said.
good partner
"I would expect them [Cerberus] to work very well with Chrysler. I would expect them to be a good partner for Chrysler," the GM chief said, adding "certainly there are potential synergies and a lot of different ways to think about it."
And he hinted that GM could forge closer ties with the firms in the future.
"Nothing specific has been presented to us and we haven't developed any ideas but I'm sure that will happen over time. But there are opportunities there, we just haven't gotten into the details yet," he said.
collaboration
Wagoner also said that he expected to collaborate with Chrysler on promoting the use of biofuels and the development of new technology such as hybrids that could help reduce the US' dependence on imported oil.
"It's astounding to see the way the industry is growing" in emerging markets such as China, India, South America and Russia, Wagoner stressed.
Wagoner has said one of his key goals is to expand GM's reach in India.
"We're very committed to getting into these developing markets," he said.
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