NEWS RELEASE: Full WRI Statement. WRI takes steps to further analyze GM's ability to comply with Chinese standards: Response from GM and New Data Obtained By WRI Suggests Compliance Appears Likely
For more information, journalists can contact:
Paul Mackie, senior media officer, +1(202) 729-7684, pmackie@wri.org
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WASHINGTON, DC, November 16, 2004 -- Since releasing the report “Taking the High (Fuel Economy) Road: What Do the New Chinese Fuel Economy Standards Mean for Foreign Automakers?” WRI has engaged in several conversations with officials at GM who told us that the data we used in our report does not accurately represent their ability to comply with Chinese fuel economy standards. As we stated in the report, WRI used what we believed to be the best publicly available data and we explicitly acknowledged the limitations of that data. Earlier in the year, WRI requested company specific data from all of the companies evaluated in the study. Because we were unable to obtain the level of data required to similarly analyze all of the companies, we were confined to using publicly available data. This is standard practice for WRI analysis. We understand that technology can and will change to meet the standards, and of course we are aware that the companies themselves have better data. That is why we disclosed the limitations of our data, analysis and conclusions in the report. Subsequent to the release of the report, WRI requested data from GM on their Chinese vehicles that would allow us to independently verify their assertion that all of their models are in compliance with the upcoming Chinese fuel economy regulation. In response, GM sent us confidential information that would indicate that they are in compliance. However this disclosure did not provide enough information for us to independently verify compliance and given that it is confidential, prevents us from disclosing it to the public. GM also told us that the data we sought is available at GM showrooms in China. A WRI representative in China visited multiple GM dealerships in Shanghai to request data on the specifications of their vehicles. WRI was able to obtain data directly from a dealership in Shanghai that indicates three key GM Buick models sold in China will meet the Chinese standards. We do not have full information on the quality of this data and do not currently know whether this represents the full fleet of cars GM is selling in China. WRI’s analysis is necessarily limited by the robustness of publicly available data. WRI believes that full disclosure of all such information is in the best interests of companies and the investing public alike. Information pertaining to companies’ ability to comply with the new Chinese standards is material to investors. We urge all companies to publicly disclose this information. We are encouraged by the information we have received and by the progress of our dialogue with GM. The goal of this report, one in a series by WRI, was to highlight for investors significant information about the performance of companies as they meet increased environmental requirements world-wide. We will continue to try to obtain and report additional data on Chinese vehicles to update the report. |
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