DETROIT – GM chairman Ed Whitacre predicted the company will return to profitability this year. Of course, he didn’t attach any numbers to that prediction, nor did we learn if he’s talking about an operating profit, a pre-tax profit, or, the one that really counts in my book, a net profit. Even so, the profit announcement is a pleasant surprise and brings the US government one step closer to getting back the $50 billion it poured into saving the automaker.
Whitacre also said GM does not expect any deal to come through to save Saab. He says none of the buyers have been able to come up with the financing needed to restructure the company. I think that GM knew several months ago that this was probably going to happen, but had to go through the motions that it was doing everything possible to save Saab.
Tata is bringing the Nano to Detroit but it won’t be where you’d expect to find it. According to the AFP, Tata will unveil the Nano at a press conference at the Detroit Science Center rather than Cobo Hall. Also, according to the Detroit Free Press, Tata’s CEO, Ratan Tata, says the car could be on sale in the U.S. in three years. But it needs a more powerful engine and needs to meet more stringent safety standards before it hits U.S. showrooms.
To watch this video interview, or read the transcript, click on AutolineDetroit.TV
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