Since General Motors declared bankruptcy last July — and received over $50 billion in federal aid to stay afloat — the company has really managed to turn things around, only losing $4.3 billion in the months since. And some people wondered how GM beat out Toyota in their Worst Company In America match-up.
And yet, the car maker thinks they’ll not only be able to turn a profit in 2010, but also be able to pay back the investment cash from both the U.S. and Canadian governments… in just a few months.
says GM CFO Chris Liddell:
As the results for 2009 show there is still significant work to be done. However, I continue to believe we have a chance of achieving profitability in 2010… We are also dedicated to delivering on our commitments to our stakeholders. For example we remain committed to repaying the outstanding balance of the U.S. Treasury and Export Development Canada loans by June 2010 at the latest.
They plan on doing this by going public some time this year, though GM has not set a date for when the IPO might occur.
Reads GM’s official statement:
Going public will enable the company to invest in designing, building and selling the world’s best vehicles, attract the best people and access the capital markets. One of the most important measures in establishing the foundation for going public is the company’s ability to return to sustainable profitability.
So we wanna know: