GM GM Europe - continue at a loss
Subscriptions & booklets
A year earlier, the European business was down with the brands Opel, Vauxhall and Saab, however, at $ 1.855 billion, it was significantly higher. Overall, GM sold 1.2 million Opel and Vauxhall in 2009 after 1.46 million in the previous year. In the final quarter, too, sales of 265,000 vehicles were below the previous year (284,000). Production in the European business fell from 1.55 million to 1.13 million cars.
According to earlier information, GM is expecting 2009 and 2010 in Europe a total operating loss of more than six billion dollars. Opel boss Nick Reilly predicted that the economy will not go up again until 2011 at the earliest. For 2012, the parent company expects the European subsidiary to make a pre-tax profit of around one billion dollars.
Also US Business deep in the red
A also in the US -The US automaker General Motors is still in the red after surviving bankruptcy. In the final quarter, the bottom line was a loss of 3.4 billion dollars. 'The 2009 results show that there is still some work to be done,' said CFO Chris Liddell on Wednesday in Detroit. 'I still believe, however, that we have a chance to make a profit in 2010.' Liddell gave hope that GM could dare to go public in the foreseeable future. The state is still behind the group.
GM slipped into bankruptcy last year, from which the company only found its way out on July 10th thanks to government aid. The company shrank drastically when he restarted. Comparisons with the previous year's figures are therefore difficult. In previous years there had been losses in the double-digit billions.
A failed model policy and excessive costs for health and pensions had driven the former icon of US car manufacturing to ruin. The new management cut tens of thousands of jobs, closed entire plants and brands and won back customers with fresh models. In the final quarter, sales were $ 32.3 billion.
After a sales slump of almost 30 percent in 2009 as a whole, GM was able to produce 17 percent more cars in the first three months of this yearto sell. The company has also paid off a good part of its $ 8.4 billion debt to US and Canadian taxpayers. The remaining installments should be transferred by June, as Liddell assured.
