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Foundry Daily News

05. November 2009

Rays of recovery - GM to post first monthly sales increase in US

Reuters reported that General Motors Co is on track to post its first monthly YoY US sales increase for the first time in 21 months, amid signs of a gradual recovery for the industry and the economy.

Mr Mike DiGiovanni sales analyst at GM said that "I would say that clearly there are signs that the economy is emerging from the worst recession in 70 years. GM's October US auto sales were on track for the automaker to show its first YoY sales increase since January 2008. This would be a really positive sign for GM. We're really having a good October. We're not out of the woods. We're not declaring victory. But it looks like October could conceivably be our third straight month of market share increase."

Mr DiGiovanni said that GM expected that 95% of its October sales would come from the four brands that it is keeping after a bankruptcy restructuring financed by the US government. He added that full year 2009 US auto sales were on track through October to hit the 10.5 million rate the automaker had forecast in December as it began discussions with the US Treasury on a bailout. He said that "The industry is getting some legs under it without the stimulus of Cash for Clunkers. That said, this isn't great. These are still levels we haven't seen since the early 1980s."

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