DETROIT-a top executive at General Motors co. has doubts as to whether the domestic sales of cars in the United States will recover this year as expected, even if the stock market rebounded slightly Tuesday from its huge losses.
He spoke of the GM industry analysts long-term financial plans Tuesday, GM Chairman and CEO Dan Akerson said the company is held with the US forecast of about 13 million cars and trucks per year, but it is not certain, sales will be high.
"There are many business and turmoil means chaos and uncertainty," Akerson said. GM's finances, he said, are strong enough to "power through these dips" in the sale.
The Declaration shall be in the middle of the optimistic forecasts in the future, the company, which has made a billion just two years ago for protection from creditors. Analysts said that GM will become more efficient in the future, so it's even greater profits, and that it plans to increase production capacity by 45 percent in Brazil, Russia, India and China in 2014 to take advantage of expected growth in revenue.
The second annual declaration GM managers a global trade Conference. Snapshot of us stock market and debt problems, international Government barely were mentioned during the presentation, which lasted for more than four hours.
GM shares lost more than 20 percent of their value since his November initial public shares, even if a little better with the rest of the market on Tuesday. GM closed up 97 cents, or nearly 4% to $ 25.54.
During the presentation of the leadership of the GM provided cost savings measures, which include halving the number of frames based on their vehicles around the world. In 2010, GM had a 30 frame, known in the industry as a platform. By 2018 it intends to reduce this number to 14. Also from cars and trucks, built on these platforms around the world, saving the cost of production, technology and design will be sold. The company also plans to reduce the number of engines, which develops, as well as reduce the number of parts, which is used throughout the world.
"There's a lot of complex."We need to simplify it, "Akerson said. "It will be more to our part of the common and of our vehicles will be on global architecture."
GM said only 6 percent of its cars and trucks are built on a global platform. This will increase to 90 percent by the year 2018, as the company tries to catch up with demand.
Ford Motor Co., for example, began a similar effort four years ago and is on track to reduce its global platform 12 by 2013, according to a research note from the Bank of America, issued Tuesday. Ford had 27 platform in 2007. Ford aims to build a 83 percent of its passenger and freight cars from the global platform in 2013.
GM executives also said the company intends to maintain its annual capital investment consistent, even if the sale of cars. It will end the practice of the stop and start projects. GM product development Chief Mary Barr estimated that slowing down, cancellation and additional excitement was costing the company $ 1 billion per year.
Barr said that the popular GMC terrain, Buick Enclave and Chevrolet Equinox crossovers stayed for almost two years due to financial problems, the GM in the middle of this decade. Now it is among the strongest of the retailer.
"It underscores what we can do, if we do not have this challenge," she said.
Barr did not say how much the company will save from cutting platforms and other changes.
GM earned $ 5.7 billion in the first half of 2011, but the company said last week that it expects that the results of the "slightly lower" in the second half because of seasonal drops in sales and an increase in incentive spending. Last week, GM announced its sixth straight profitable quarter from April to June, net income of $ 2.5 billion. The company ran marks, plants and the debt during its 2009 bankruptcy restructuring.
Akerson said GM is set to break even at the lowest point in the sales cycle of the vehicle and may be even more profitable when the car, and car sales recover throughout the world.
"As soon as the market, we could really use beyond what you have seen so far," Akerson said.
GM remains in the ownership of part of the Government, which had a stake in the automaker as part of the financial assistance of $ 50 billion. The Government sold some of his interest in November as part of GM'S initial public offer, but still hold the GM 500 million shares. The Government needs to pay the entire 26.4 billion dollars investment in GM, GM shares should be sold for around $ 53 a share.
Chief Financial Officer Dan Amman, said the company will not be back to talk about the purchase of common shares or dividends until the beginning of next year, after her better knows what happens to the economy. How could help to increase the price of the shares of the company.
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AP Auto writer, Dee-Ann Durbin has contributed to this report.
Copyright 2011, the Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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