General Motors Corp. reduced its vehicle sales forecast on 2009 Thursday to the lowest since 1982 citing ongoing uncertainty of global market conditions.
The automaker said it expected U.S. total vehicle sales of 10.5 million units and global sales of 57.5 million units in 2009, at the low end of analysts predictions who ranged their expectations from 10.5 to 11.5 million units in the year, according to the Associated Press.
GM said that lowering the assumptions on U.S. and global industry volumes will drive tougher operational decisions that will result in a more robust viability plan, one that better positions the company for long-term growth as the auto market recovers.
We are on track to accomplish the requirements of the viability plan, Rick Wagoner, chairman and CEO of GM said in a statement, referring to a plan required by the federal government which shows how the company plans to restructure.
GM has secured a $13.4 million bailout loan from the government. However the company recently said it may need additional money from the U.S.