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GM hopes to make profit in 2011 GM hopes to make profit in 2011
(about 2 hours later)
Troubled US carmaker General Motors (GM) hopes to return to profitability in 2011 after emerging from bankruptcy protection, court papers show.Troubled US carmaker General Motors (GM) hopes to return to profitability in 2011 after emerging from bankruptcy protection, court papers show.
The company's financial adviser, Evercore Partners, estimates that GM will lose $17.5bn (£10.9bn) this year before making a profit of $3bn in 2011.The company's financial adviser, Evercore Partners, estimates that GM will lose $17.5bn (£10.9bn) this year before making a profit of $3bn in 2011.
The estimate is based on GM selling 16 million vehicles a year, up from current levels of less than 10 million.The estimate is based on GM selling 16 million vehicles a year, up from current levels of less than 10 million.
A slump in sales forced GM to file for bankruptcy protection this week.A slump in sales forced GM to file for bankruptcy protection this week.
The carmaker also announced this week that it had agreed to sell its Hummer brand of sports utility vehicles to an unnamed buyer by the end of September. Gas-guzzling
GM has already confirmed that it will discontinue its Pontiac brand and it has agreed the sale of its European arm as it attempts to streamline its business. The carmaker also announced this week that it had agreed to sell its Hummer brand of sports utility vehicles by the end of September.
However, reports suggest that a deal with China's Sichuan Tengzhong Heavy Industrial Machinery may be blocked by Chinese regulators.
Analysts say that the gas-guzzling image of Hummer does not sit well with China's attempts to develop an auto industry focused on smaller, fuel-efficient cars.
As part of GM's attempts to streamline its business, the carmaker has said it will discontinue its Pontiac brand and it has agreed the sale of its European arm.
Bankruptcy protectionBankruptcy protection
GM's move into bankruptcy protection is backed by the US government, which is expected to take a 60% stake in the carmaker.GM's move into bankruptcy protection is backed by the US government, which is expected to take a 60% stake in the carmaker.
The White House is also putting another $30bn into GM on top of the $20bn it has already given the carmaker.The White House is also putting another $30bn into GM on top of the $20bn it has already given the carmaker.
It is expected that GM may be able to exit bankruptcy protection within the next 60-90 days.It is expected that GM may be able to exit bankruptcy protection within the next 60-90 days.
US Chapter 11 bankruptcy protection gives an American company time to restructure its finances while being protected from its creditors.US Chapter 11 bankruptcy protection gives an American company time to restructure its finances while being protected from its creditors.
GM, along with carmakers across the world, has suffered from a massive drop in sales during the economic downturn.GM, along with carmakers across the world, has suffered from a massive drop in sales during the economic downturn.