GM’s vice chairman tells investors not to worry about GM’s massive, quarter-after-quarter losses. The automaker should be profitable again in 2010, Lutz says…if it continues to cut costs and car sales recover.
BBC: In the past 18 months, GM has lost $57.5bn (£31.36bn), $15.5bn in the second quarter of 2008 alone.
GM has closed factories and laid off staff but has struggled to counter a slowing economy and rising fuel prices.
If GM continues to cut costs and car sales recover in 2010 “we would hope to have the corporation profitable again by then,” vice chairman Bob Lutz said.
But he added: “At this point, the future is so cloudy in terms of the development of the market, when it’s going to pick up again.”
See Also: GM Still Trying To Dump Hummer: Russian Billionaire Interested*
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GM’s Wagoner: We’re Not Filing For Bankruptcy Or Dumping More Divisions. In 2008.
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