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GM targets investment grade credit rating this year, CEO says

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GM targets investment grade credit rating this year, CEO says

GM aims to achieve an investment grade credit rating this year and to have all five of its business units post profits or break-even by 2015, CEO Dan Akerson said.

The executive said on Wednesday that he wants GM’s margins to be among the industry’s best by roughly 2015, when the company expects to break-even in Europe, where is sells cars under the Chevrolet and Opel/Vauxhall brands. The carmaker is struggling to cut losses of its European unit and Akerson said he is not yet satisfied with GM’s current position in the region.

“We’re going to make our best efforts to achieve break even by matching our cost structure with our likely revenue flow. That is the, as they say in the US, the $64,000 question. Are we going to get it right? Are we going to be too optimistic? Are we going to be too pessimistic?” Akerson was quoted as saying by Bloomberg.

As for the U.S., GM expects its new models will help make modest market share gains this year, Akerson said. However, he added that the government’s exit of its stake in GM was critical to comforting investors that the automaker has turned a corner since its federal bailout in 2009.

U.S. Treasury sold part of its stake in GM to the automaker last month, reducing the government’s stake in the company to about 19 percent.

by Dan Mihalascu (my Google+) - Wednesday, January 9th, 2013 - filed under Chevrolet, General Motors, Industry, News, Opel, Vauxhall. Image credit: .
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