WILMINGTON, Del. -- Meet the new General Motors strategy - in some ways very similar to the old General Motors strategy.
When GM CEO Rick Wagoner unveiled his turnaround plan to GM shareholders here last week, it sounded familiar.
Wagoner outlined four "specific actions" GM was taking in its plan to reverse the downturn in GM's North American operations. Wagoner told shareholders GM is:
1. Reducing costs through increased global purchasing and manufacturing and cutting 25,000 manufacturing jobs over the next three years.
2. Retooling its sales and marketing strategy by refocusing its brands, moving to a value pricing strategy, improving sales in major markets and developing a channel strategy.
3. Increasing capital spending by nearly $1 billion, mostly on product.
4. Working with the UAW to reduce health care costs.
Wagoner's speech came after a series of shocks for GM: Investor Kirk Kerkorian's tender offer, a $1.1 billion first-quarter net loss, sliding market share and reassignment of top executives.
GM may be accelerating its efforts. But GM's recovery plan, as outlined by Wagoner, was far from fresh.
The plan isn't "indicative of a new round of restructuring," said Scott Sprinzen, an auto analyst with Standard & Poor's.
Here are areas in which the new strategy is a continuation of the old one.