General Motors Sales Off in December But Expecting to Turn a Profit in 2010
January 7, 2010
(ChattahBox) – Just last summer, General Motors was in taxpayer-funded bankruptcy reorganization and December sales were down by 10 per cent and off 33 per cent for 2009. Meanwhile Ford sales soared 33 percent last month, and Toyota jumped 32 percent, the automakers said yesterday. But the beleaguered automaker’s chairman told reporters Wednesday he believes they will be profitable in 2010: “My prediction is we will be,” Edward E. Whitacre Jr. said when asked about being profitable this year. “Do we have obstacles in the way? Yes. But we have a good management team and a good plan in place.”
If it comes to pass, it would be a major turnaround for the beleagured automaker, which has not posted an annual profit in five years. GM has vowed to repay its government loans by the middle of this year, and began repaying some of the $6.7 billion in outstanding government loans last month.