General Motors extends the employee promotion scheme

Looks like GM likes the trends it saw last month. The sales were up phenomenally and they recorded their best ever performance in the last 20 years. As a result, the company has decided to extend the ‘Employee Discount for Everyone’ for now and it would now be applicable until August 1. This new development is expected to spark a fire in the North American Auto Industry and competition would be forced to start something on their own to challenge it.

Under this scheme, which was originally due to get over yesterday, the world’s largest automaker is selling anybody a new car or truck at the same lower price a GM employee would pay. The company sold a massively improved figure of 550,829 vehicles last month, up from 374,970 in June 2004. This is a growth of almost 41.3% compared to single digit growth figure they have been reporting earlier.

The campaign resulted in lower sales for the competing companies as they failed to match the offerings from the largest automaker in the world. The competition in the form of Ford and Chrysler are also expected to roll out their promotional offers to match this scheme to get the sales going on. These growing sales figure also helped GM improve its position on the stock market with the share prices rising by around 12 cents.