Open

Coming up

Don't miss

Replay


LATEST SHOWS

ENCORE!

Encore’s Year in Music

Read more

FOCUS

Hebron, a city where peace seems impossible

Read more

WEB NEWS

Web users criticize Sony for pulling "The Interview"

Read more

BUSINESS DAILY

Qatar Airways CEO: Traditional airlines 'inefficient'

Read more

BEYOND BUSINESS

Gastrodiplomacy: is French food losing its flair?

Read more

THE WORLD THIS WEEK

Viva La Evolucion! US and Cuba Move to Normalise Ties

Read more

LIFESTYLES

Creative Christmas confections

Read more

WEB NEWS

Web users react to Cuba and the US normalizing relations

Read more

WEB NEWS

Connected toys are a must-have for Christmas

Read more

Business

GM monthly US sales down 34% after bankruptcy

Text by NEWS WIRES

Latest update : 2009-07-01

General Motors posted a 34 percent drop in its US sales in June but announced increased retail sales for the fourth consecutive month despite going bankrupt. GM is reportedly to sell some brands to focus on Chevrolet, Cadillac, GMC and Buick.

AFP - General Motors posted a 34 percent drop in June sales Wednesday but said it had managed to increase its retail sales for the fourth consecutive month despite seeking bankruptcy protection.
   
Total sales fell to 176,571 vehicles in June, but GM said its retail sales rose about 10 percent from May.
   
Sales for the first half were down 41 percent to 954,356 vehicles.
   
"We're pleased with our retail performance for the month, and it shows consumers' strong attraction to our products," said Mark LaNeve, vice president for GM North America vehicle sales, service and marketing.
   
"Customers are cautiously coming back into the market, although the industry remains very weak," he said.
   
"The reinvention of GM remains on track and we have compelling new offers in July."
   
GM was back in court Wednesday seeking approval for a speedy exit from the bankruptcy protection it sought on June 1 by selling off its best assets to a new company in which the US government will hold a majority stake.
   
LaNeve said the proceedings were going well and "we're anticipating a quick sale."
   
GM said its inventories were down 26 percent from June of 2008 at 582,000 vehicles and are on track to approach the half-million mark as planned.
  

Date created : 2009-07-01

COMMENT(S)