GM’s Henderson: U.S. auto industry in recession
General Motors Corp. Chief Operating Officer Fritz Henderson says the U.S. auto industry is in a recession.
The automaker’s No. 2 executive said Tuesday GM is selling below trends for the third straight year.
He blames the sales drop on the troubled housing market, tight credit and higher gasoline prices that are sending consumers from trucks to cars at a rate much faster than the company has ever seen.
But Henderson told a conference of banking and insurance industry officials in Warren that it has cut costs and rolled out new products. It also is seeing sales growth in emerging markets.
Via Associated Press