DETROIT (Indiana's NewsCenter) - It's making a lot of progress, but General Motors still has a lot of work to do and General Motors CEO Fritz Henderson believes the foundation is in place to help guide General Motors to the future.
GM's boss releases his company's third quarter report for 2009. It's the first since GM exited bankruptcy protection July 10.
Henderson says, “Some signs of progress, some signs of stability. We have stabilized shares in some markets around the globe, including the U.S."
GM's U.S. market remained flat at 19.5% compared to the same period a year ago, while its global share rose to nearly 12%.
The bad news is General Motors lost $1.2 billion in the third quarter.
Henderson says, "Not satisfactory.”
Certainly much lower than had been, although not comparable, certainly better than our plan going into bankruptcy. Nonetheless, it's a loss, and you can't be satisfied with it."
GM received nearly $50 billion earlier this year in federal loans to remain in business. Most of it was exchanged for a 61% share in the company owned by the U.S. Treasury Department. GM leaders have until July 2015 to repay the remaining $6 billion. They tell us they'll make their first payment in December."
In fact, Henderson claims the loans could be repaid by June 2010.
Henderson says, “It's a personal commitment of the entire leadership team of the company to repay the taxpayers first and foremost. First, repaying the loan, and generating revenue for the shares, so the taxpayers benefit as major shareholders of the company.”
Henderson believes General Motors is now on the road to financial recovery.
Hunderson also tells us GM will begin repaying Canadian and German governments.
Employees are expected to build just over 10.5 million cars and trucks in the fourth quarter.
That's a million fewer compared to the same period a year ago, but still within what Henderson calls the break-even point.
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