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.
GM exec: Company should be “solidly profitable” in 2010
Vice-chairman confident new sales will spark rebound
FILED UNDER: Business