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GM Chief Executive Sees Turnaround Faster Than Expected

Reuters
Wednesday, 18 Jul 2007 | 1:55 PM ET
General Motors Chairman and Chief Executive Rick Wagoner.
Paul Sancya
General Motors Chairman and Chief Executive Rick Wagoner.

General Motors expects labor talks with unions to bear fruit and help the company turn around its struggling business in the United States faster than expected, Chief Executive Rick Wagoner said on Wednesday.

"We will improve results in the United States faster than people think," Wagoner said after announcing investment plans in Brazil and Argentina.

Wagoner, a former head of GM's operations in Brazil who spoke in Portuguese in Sao Paulo, said the company is working closely with unions on cost savings, though more needs to be done.

Shares of General Motors traded lower Wednesday by about 0.7%.

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