GM expecting profit by 2011
By Andrew C., 27 Aug, 2010. 0 Comments
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Reports are saying that GM is aiming to get back to the path of profitability by 2011. However, analysts are saying that the company will lose about $17.5 billion before it can make a $3 billion profit in 2011. The carmaker was forced by poor sales performance to file for Chapter 11 bankruptcy protection early this week which will involve around 20,000 job cuts in the US. The projections are founded on the assumption that sales in the US will go up to 16 million units annually from the less than 10 million current yearly rate. Another projection involves an increase in G's global sales to 6 million by 2014 from the current 3.8 million units this year. In another front, GM is about to close a deal with Roger Penske - an ex-racing driver who owns the second biggest vehicle dealership in the US, with regards to the purchase of its Saturn brand.
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