On the ropes car maker GM is hoping to move back into profit for the first time in six years in 2010.
The company, which last made a full-year profit back in 2004, is hoping to do so after last year’s restructuring which saw it enter Chapter 11 bankruptcy protection for six weeks to cut its massive debt.
Bob Lutz, GM’s optimistic vice-chairman, said a full-year profit would depend on the speed of the US economy’s recovery.
Speaking at the North American International Auto Show in Detroit, he said: “Depending on mix and depending on other expenses we would hope to make a profit on an operating basis. There may be some restructuring charges that could make the overall figure slightly negative. The truth is we don’t know.”
He added that for GM to be profitable, the US car market would need to see 11-12 million vehicles sold this year, against 10.4m sold in 2009.
Source: Daily Telegraph