General Motors will aid troubled Isuzu through more integrated purchasing and other joint approaches, but there are limits to that support, GM President Rick Wagoner said.
'We do not set ourselves up as the financial provider of last resort,' he said. 'That's not fair to the GM shareholders.'
He said that problems at Isuzu and other GM affiliates, however, were not to blame for GM's poor earnings results recently. He also said that GM does not 'comprehend in any of the cases significantly raising' its stake in affiliates Isuzu, Suzuki and Fuji Heavy Industries.
Wagoner spoke the day before the Tokyo auto show at the Tokyo International Automotive Confe-rence, sponsored by US sister publication Automotive News and Nikkei Business.
Managers to Daewoo
In other comments, Wagoner said that GM would have to send some key managers to lead the turnaround at Daewoo, if GM's non-binding memorandum of understanding to buy the bankrupt Korean carmaker is successful.
'It's probably unfair for me to say that our quarterly results have been affected by our alliance partners,' Wagoner said. 'It has not been a major driver of quarterly performance, either plus or minus.' Usually, he added, the problems have been GM's own.
If GM takes over Daewoo, he said, 'Our first order of business with a new Daewoo is to get that company turned around.
'We will have to supply some leadership and management,' he said, although GM has 'quite a bit of respect for the operating management' at Daewoo. But, he added, whether those managers would come from GM or its alliance partners 'has yet to be sorted out.'