GM exec: Company should be “solidly profitable” in 2010

Vice-chairman confident new sales will spark rebound

GM expects demand for new cars and trucks to rebound in 2010, bringing with it solid profits for the financially unstable company. “I think we are finally in a position where, from a financial structure, we should be [profitable],” said vice-chairman Bob Lutz, ahead of  the North American International Auto Show in Detroit. Analysts have described the auto industry as one in flux; government intervention and bailouts, massive structural changes, new competition from India and China, and technological innovations will all shape the automotive sector this year. U.S. sales fell by about 20% in 2009, or about 10.4 million vehicles—GM’s worst performance in nearly three decades. Lutz predicts sales will bounce back to between 11 and 12 million vehicles in 2010.

CBC News