If you haven’t heard, GM is in rough shape right now. The company is deep in the red, CEO Rick Wagoner is out and Vice Chairman Bob Lutz is following close behind and Obama’s Task force has given a June 1 deadline for the company to shape up (or go bankrupt). The irony is, GM's products were turning around—due in large part to the collaboration between Wagonner Lutz. Under their tenure, there are a number of very recent cars that could very well help turn GM around. Even if the numbers on the books are ugly—and they are—GMs current and future products are promising. Here are five cars that are on the market, or soon will be, that show GM can and does build cars that are not only competitive, but compelling too. —Ben Stewart

What is it: 2008-09 Cadillac CTS
Why it Matters: Luxury sport sedans have historically been the undisputed turf of German and Japanese automakers. America simply never had the right car to stand toe-to-toe in that ring. But the CTS has proven it can compete with the comparable sedans from Mercedes-Benz or BMW. The direct-injected version produces 304 hp and the incredible 556 hp CTS-V provides enough thrust to lap Germany's famed Nurburgring race course in 7:59.32—a time that's more than 10 seconds quicker than both the BMW M3 or the M5. In just two product cycles, GM has made Cadillac competitive in one of the toughest segments in the industry.

What is it: 2010 Chevy Camaro
Why it Matters: The Camaro is an American Icon. And though it wears a retro-tough wrapper and in SS trim will dust the models from Ford and Dodge in straight-line acceleration, the Camaro is more than a muscle car. The Camaro has a refined chassis that offers that rare combination of a smooth, quiet ride and sharp handling. The tough-looking two door, when equipped with the same six-cylinder as the Cadillac CTS returns a solid EPA fuel economy of 29 mpg on the highway, runs to 60 mph in around 6 seconds. The V6 Camaro is a legitimate bargain for under $23,000.

What is it: 2010 Chevy Cruze
Why it Matters: The Chevy Cruise uses the same platform as the Chevy Volt. That's impressive by itself because to accommodate a gasoline powered five-passenger sedan and four-passenger plug-in range extended vehicle within the same chassis architecture demonstrates serious engineering flexibility. We have yet to drive the Cruze or Volt. But both powertrains are impressive. The Cruze will come with a standard turbocharged 1.4-liter four cylinder with direct injection that Chevy has said will deliver "north of 40 mpg." If true, that means the Cruze would boast comparable fuel economy to many hybrids without the expense of the hybrid system.

What is it: 2010 Buick LaCrosse
Why it Matters: The upcoming LaCrosse could be the best Buick sedan in decades. The design is fresh, modern and can't be mistaken for any other car in GM's lineup—at a time when Buick needs its own identity. Buick and technology have not, in the past, been synonymous. But the new LaCrosse will offer an optional all-wheel drive system with an electronic limited-slip differential and a real-time damping suspension system with three settings. The LaCrosse will offer plenty of luxury too, including in-dash navigation, a power rear-window sunshade and a DVD entertainment system, with two display screens integrated into the seatbacks. These are features are not unique to Buick—other luxury cars offer similar equipment. But if Buick can undercut the competition, the LaCrosse will offer plenty of value.

What is it: 2009 Chevy Corvette ZR1
Why it Matters: In a time when the world is so focused on fuel efficiency and frugal prices, the thought of developing a $100,000-plus, 638 hp Corvette might seem like folly. But the reality is, this car proves that GM not only has the engineering expertise to take on pricier rivals—it has the engineering to beat them. The ZR1 is one of the quickest production cars in the world clearing the quarter-mile in 11.5 seconds and lapping the skidpad with an astonishing lateral grip of 1.04g. Yet it delivers that performance with an incredible docility. This is a supercar you could drive to work in—everyday. That type of engineering skill can be channeled to other vehicle programs in other market segments. And if the research and development resources GM has devoted to the Chevy Volt is any indication, that car could well be the ZR1 of fuel-efficient transportation.