Wednesday, October 28, 2009

GM Getting Back on Track on the Balance Sheet

For the first time in 21 months, General Motors is on track to see its first monthly sales increase compared to the same time period a year ago, the company said.
While official results will be announced next week, all signs point to a good month, according to Mike DiGiovanni, GM's executive director of global market and industry analysis.
“We’re really having a good October,” he said.
DiGiovanni added that about 95% of the sales for the month are coming from the company’s four core U.S. brands — Chevrolet, Buick, GMC and Cadillac. A year ago, those brands comprised about 85% of the company’s sales.
GM is in the process of winding down Pontiac and Saturn and selling off Hummer and Saab after emerging from bankruptcy in July.
“We’re clearly getting behind us the brands we’re phasing out,” he said.
GM sold 168,719 vehicles in October 2008, which was a 45.1% decrease from the same month in 2007, according to Autodata Corp.

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