DETROIT: General Motors has acknowledged a likely fall in overall US retail sales during 2007. The automaker has struggled to progress its turnaround plan as the subprime mortgage crisis and increasing gas prices deter potential buyers.
Head of retail sales Mark LaNeve says the company had hoped to sell at least three million vehicles to individuals in 2007, but will fall short of that goal.
However, he is optimistic about GM's chances of increasing retail market share in 2008 - a key element of the turnaround plan.
The brands could be under new ownership within weeks. Says Ford evp Lewis Booth: "Ford is committed to focused negotiations at a more detailed level with Tata Motors.
"There is still a considerable amount of work to do, and while no final decision has been made, we will proceed with further substantive discussions with Tata Motors over the forthcoming weeks."
Adds Tata spokesman Debasis Ray: "We are pleased by the progress in the discussions to date and very positive about the prospects of this business going forward."
Data sourced from Wall Street Journal Online; additional content by WARC staff