General Motors Company (NYSE:GM) Q2 2020 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 08:00 pm ET


General Motors Company (NYSE:GM) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, welcome to the General Motors Company Second Quarter 2020 Earnings Conference Call. During the opening remarks, all participants will be in a listen-only mode. After the opening remarks, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded Wednesday, July 29, 2020.

I'd now like to turn the conference over to Rocky Gupta, Treasurer and Vice President of Investor Relations.

Rocky Gupta

Thanks, Tabitha. Good morning and thank you for joining us as we review GM's financial results for the second quarter of 2020. Our press release was issued this morning, and the conference call materials are available on the GM Investor Relations website. We are also broadcasting this call via webcast. I'm joined here today at the GM headquarters by Mary Barra, GM's Chairman and CEO; and Dhivya Suryadevara, GM's Executive Vice President and CFO.

Before we begin, I'd like to direct your attention to the forward-looking statements on the first page of the chart set. The content of our call will be governed by this language.

I will now turn the call over to Mary. Mary?

Mary T. Barra

Rocky, thanks so much, and good morning, everyone. Thanks for joining. I'll begin with the COVID-19 pandemic, which has made this quarter one of the most challenging in our history. COVID-19 has impacted us everywhere we do business. It has changed the way we work, how we sell our products, how we support our customers and how we care for each other. Many of these changes will influence how we allocate future spending as we move forward.

While our years of business transformation actions made the Company more resilient, we also took additional proactive steps to help offset these challenges. Dealers stayed connected with customers with our online and contact-less Shop-Click-Drive tool that we enhanced. Our customer care and after-sale operations remained open to keep our dealers and our customers supplied with the maintenance and repair parts needed, and our employees proudly rallied to build ventilators and personal protective equipment for first responders.

We used our early learnings in China and Korea to safely begin restarting our operations in North America and South America, with significant support from our supply chain unions and governments. We continue to collaborate with these stakeholders to ensure the highest levels of confidence in and execution of our extensive safety measures. While we can't predict the trajectory of the virus and its ultimate impact on public health in the economy, we have put all appropriate measures in place to position the Company for continued recovery in the third and fourth quarters and beyond.

Before I talk about our overall performance, I want to acknowledge another issue, the increasing responsibility of companies, like General Motors, to take a stand against racial injustice in the U.S., while remaining focused on driving business results. General Motors has a strong track record of diversity by many objective standards, but it's clear we must do more and we will. During the quarter, we outlined several significant