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GM's Henderson: February Sales Will Be Weak

CNBC.com
Tuesday, 3 Mar 2009 | 6:18 AM ET

General Motors expects weak sales in the US for February, which will be an "exceptionally weak" fleet month for automakers due to production cuts, Fritz Henderson, GM chief operating officer, told CNBC.

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General Motors logo

"February will be weak in the US, we expected it to be weak, it will be weak," Henderson told "Worldwide Exchange."

"It'll be an exceptionally weak fleet month. We would expect the overall … level to be again at levels that we haven't seen since the early 1980s and exceptionally weak."

GM COO: Feb Sales Will Be Weak
General Motors expects weak sales in the US for February, which will be an "exceptionally weak" fleet month for automakers due to production cuts, Fritz Henderson, GM chief operating officer, told CNBC.

Meetings continue with unions and bond holders to decide on a restructuring by March 31, needed if GM is to get an extra $16 billion in aid from the government.

"On the operating side of the business actions are well under way," Henderson said, adding that currently there are discussions between the government and all the involved parties.

"What's going on is the president's taskforce is gathering a lot of information… to be able to effectively fulfill their role," he added.

The slump in demand caused by the financial crisis is going to spur more consolidation, cooperation and technology sharing among the world's carmakers, Henderson said.

Major automakers are scheduled to announce car sales later on Tuesday.

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