General Motors Loses $4.3 Billion, But Expects Profitability This Year
General Motors filed for bankruptcy last July and even received $50 billion in federal loans. So far the company has lost about $4.3 billion since, but the car company expects to be profitable this year. The car company also claims to be able to pay back the investment to both the U.S. and Canada in the next few months according to GM CFO Chris Liddell.
“As the results for 2009 show there is still significant work to be done. However, I continue to believe we have a chance of achieving profitability in 2010…,” said Liddell. “We are also dedicated to delivering on our commitments to our stakeholders. For example we remain committed to repaying the outstanding balance of the U.S. Treasury and Export Development Canada loans by June 2010 at the latest.”
The car company also plans to go public again very soon. “Going public will enable the company to invest in designing, building and selling the world’s best vehicles, attract the best people and access the capital markets. One of the most important measures in establishing the foundation for going public is the company’s ability to return to sustainable profitability,” said GM in an official statement. [Consumerist]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry