More Videos
- US Markets Bracing for Selloff on Dubai Debt Worries
- US Dollar Falls to 14-Year Low Against the Yen
- No Thanksgiving Rest for Retailers in Sales Race
- UK's Darling to Downgrade 2009 Growth Forecast
- US Companies Already Moving on Curbing Emissions
- Fannie Mae to Tighten Lending Standards: Report
- Investing in Good Karma – and Making a Profit
- Retailers Should Believe in Christmas Miracles
- Bankruptcies Jump, Hitting Highest Level in Four Years
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- Kuoni CEO Sees Recovery in Travel Sector
- Dubai Struggles to Ease Debt Fears; Investors Rattled
- Gold Retreats from Record High as Dollar Rebounds
- China Unveils Carbon Target Ahead of Copenhagen
- US Markets Bracing for Selloff On Worries About Dubai's Debt
- UK's Darling to Downgrade 2009 Growth Forecast
- No Thanksgiving Rest for Retailers in Sales Race
- Euro Shares Record Biggest Drop in 7 Months
- Hyundai-Kia Targets Rapid China Growth in 2010
Text Size 
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.
 |
"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."
Meetings continue with unions and bond holders to decide on a restructuring by March 31, needed if GM [GM
Loading...
()
] 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.
Print
Email
- What you need to know.
- Ever wished your cab driver would stop nattering and just get to where you're going? Well that moment is near(er).
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
Data is a real-time snapshot *Data is delayed at least 15 minutes