General Motors has only been clear of bankruptcy for a few short months, but the Detroit automaker says it is already outperforming previously set targets. General Motors emerged from bankruptcy on July 10th with the help of a $50 billion government loan.
Speaking with Automotive News, GM CEO Fritz Henderson revealed that GM is outperforming its previously set benchmarks. However, Henderson failed to elaborate on what areas the company is exceeding expectations.
“I’m not going to get into whether we’re generating cash or not generating cash, but I would certainly say the situation is more stable than what the outlook was even just two months ago,†Henderson said. More details are expected later this month when GM files its third-quarter earnings report.
Although it remains to be seen in GM is actually generating a positive cash flow, the early indications are positive. GM posted a 5 percent sales increase last month and is now generating 95 percent of all vehicle sales from its four core brands – Chevrolet , GMC , Buick and Cadillac . However, GM’s yearly sales are down 34 percent.
