BUSINESS
11/30/2008 05:12 am ET Updated May 25, 2011

GM Calls Bottom Of Downturn

Michael DiGiovanni, GM's head of global marketing and industry analysis, said the industry had felt the "tremendous snowballing effect around the world from financial turmoil" in the third quarter.

However, he mentioned the strengthening dollar, falling oil and commodity prices and rising housing starts as "positives" for GM's business, in spite of a generally grim US car market. Actions taken by US authorities to stabilise financial markets would lay the groundwork for recovery.

"We believe the US is probably in the trough of its downturn right now," he said.

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