Rick Wagoner on Wednesday expressed caution about the possibility of General Motors adding new brands or US manufacturing plants to its portfolio in remarks likely to quash expectations of an imminent GM bid for cross-town rival Chrysler.

Mr Wagoner said GM was implementing its existing plan to reduce capacity in the US in line with its goal of reaching 100 per cent utilisation. “As far as adding capacity, it’s not something we’re thinking about,” he told the Financial Times.