Chrysler and GM Back on Track
The net income is no longer in red for automotive giants Chrysler and GM who once filed for bankruptcy in 2008. As of April 2010 the total U.S. sales have increased to 12.1% and 2% for GM and Chrysler respectively. Chrysler's first quarterly report, for the year 2010 shows that the cash flows for the company have turned positive. And, GM posted a net income of $865 million on $31.5 billion in sales.
Both the companies have started to regain their market shares in the automotive market and things are certainly looking bright for them. The use of sales incentives to increase sales has also been reduced. Their cars are now being sold at conventional prices which gives them an opportunity to generate higher profits.
The success story can be attributed to the change in management that both the companies went through, particularly General Motors. Edward E. Whitacre Jr, the new chief executive of GM has done a tremendous job to turn things around. He has brought new lease of life to the company which was on the verge of extinction.
The recovery of these automotive giants is good news for the ailing automotive industry and the U.S. economy as a whole. The U.S. Treasury department expects that it will soon recover the $81 billion that the government invested in the automotive sector. The efforts made by the Obama administration to revive the auto industry are bearing fruit now.
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