DETROIT (MyTV 20) - It's making a lot of progress, but GM still has a lot of work to do. That's the word from the boss of General Motors. Fritz Henderson released his first quarterly report Monday morning, since the automaker emerged from bankruptcy.
Henderson says he believes the foundation is in place to help guide General Motors to the future. GM's U-S market remained flat at 19.5% compared to the same period a year ago, while its global share rose to nearly 12%. The bad news is General Motors lost $1.2 billion in the third quarter.
GM received nearly $50 billion earlier this year in federal loans to remain in business. Most of it was exchanged for a 61% share in the company owned by the U.S. Treasury Department. GM leaders have until July 2015 to repay the remaining $6 billion. Henderson claims the loans could be repaid by June 2010. Henderson also tells us GM will begin repaying Canadian and German Governments.
Employees are expected to build just over 10.5 million cars and trucks in the fourth quarter. That's a million fewer compared to the same period a year ago, but still within what Henderson calls the break-even point.

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