General Motors reported a staggering net loss of $38.7 billion last year, and followed it up with a $3.3 billion loss in the first quarter of this year and a $15.5 billion loss in the second. Despite the dire situation senior executives are hopeful that the company can return to profitability by the end of this decade.
Their reasoning is that much of the previous losses are due to special one-off transactions, and that the company is now undergoing a massive restructuring program.
While not going so far as to make a firm prediction on a return to profitability, Lutz said that if all goes to plan GM could start making money again in 2010. “At this point the future is so cloudy in terms of the development of the market, when it’s going to pick up again,” he explained to reporters from the Associated Press.
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