General Motors 2013 Annual Report Download - page 50

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
• The ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet
production schedules;
• Our ability to manage the distribution channels for our products;
• Our ability to successfully restructure our European and consolidated international operations;
• The continued availability of both wholesale and retail financing from Ally Financial and its affiliates and other finance
companies in markets in which we operate to support our ability to sell vehicles, which is dependent on those entities’ ability
to obtain funding and their continued willingness to provide financing;
• Our continued ability to develop captive financing capability, including GM Financial;
• GM Financial’s ability to successfully integrate certain Ally Financial international operations;
• Overall strength and stability of the automotive industry, both in the U.S. and in global markets, particularly Europe;
• Continued economic instability or poor economic conditions in the U.S., Europe and other global markets, including the credit
markets, or changes in economic conditions, commodity prices, housing prices, foreign currency exchange rates or political
stability in the markets in which we operate;
• Significant changes in the competitive environment, including the effect of competition and excess manufacturing capacity in
our markets, on our pricing policies or use of incentives and the introduction of new and improved vehicle models by our
competitors;
• Significant changes in economic, political and market conditions in China, including the effect of competition from new
market entrants, on our vehicle sales and market position in China;
• Changes in the existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies and
similar organizations, including where such actions may affect the production, licensing, distribution or sale of our products,
the cost thereof or applicable tax rates;
• Costs and risks associated with litigation;
• Significant increases in our pension expense or projected pension contributions resulting from changes in the value of plan
assets, the discount rate applied to value the pension liabilities or other assumption changes; and
• Changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions
underlying the estimates, which could have an effect on earnings.
We caution readers not to place undue reliance on forward-looking statements. We undertake no obligation to update publicly or
otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the
subject of these statements, except where we are expressly required to do so by law.
*******
Quantitative and Qualitative Disclosures About Market Risk
Automotive
We enter into a variety of foreign currency exchange and commodity forward contracts and options to manage exposures arising
from market risks resulting from changes in certain foreign currency exchange rates and commodity prices. We do not enter into
derivative transactions for speculative purposes.
48
2013 ANNUAL REPORT