Dwindling sales in the U.S. has carmakers looking to new emerging markets for the next wave of growth but according to one GM exec that alone won’t help to achieve financial success. GM, like most other carmakers, will have to improve its performance in the U.S., the world’s biggest car market.

GM has seen sales in foreign markets increase by a whopping 59% over the past 12 months but this is still not enough to turnaround GM’s fortunes, the carmaker’s CFO Fritz Henderson told Reuters reporters. GM is still recovering from a $12.4 billion loss back in 2005-2006 and last year it reported a $39 billion net loss (although this is primarily because of a tax accounting rule). In the meantime, closest rival Toyota has posted about $36 billion in profits over the past three years.

"What I do know is, in profit, cash flow, market cap, we're not the biggest automaker," Henderson said. "I spend my time thinking about that."

Turning around its fortunes back home won’t be easy. During the same interview Henderson also warned that car prices are likely to rise in coming years. A jump in raw material prices, looming CAFE regulations and new labor rules will all put upward pressure on car prices in the U.S., Henderson revealed.