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General Motors Company (NYSE:GM): Current price $30.15
Chief Executive Dan Akerson of GM reported that his company is cutting its losses at Opel while it intends to reach its previously stated target of returning the division to the black by mid-decade. However, the automaker previously said it anticipated a 2012 operating loss in Europe of up to $1.8 billion. Akerson also predicted that auto sales in Europe will weaken further in 2013 and Germany could be slipping into recession, shaping the GM’s task of turning around its money-losing Opel unit in that region even more formidable. The executive remarked that, “We are realistic about our expectations in the near term. Therefore, we must scale our operations to meet expected demand. I don’t think we’re being foolish about our projections in Europe over the next couple of years. In fact, I would say we’re being brutally honest with ourselves.”
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