US car giant, GM, is hopeful of becoming profitable again in the year 2010, according to a top executive of the firm. In eighteen months, GM has lost nearly £31.36bn. GM closed down many factories and laid-off a lot of staff, however they were still struggling to counter the slow moving economy and increasing fuel prices.

If the car sales recover in the year 2010 and GM continues to cut costs, the corporation would be profitable again, according to Vice Chairman Bob Lutz. He added that at this point of time, the future is very cloudy in terms of development of the market and when it would pick up again.

The company is losing money on almost all of its model lines, according to Mr Lutz. He believes that the prices for fuel efficient small cars would rise as demand grows.

Slowdown of Hummer

The rising cost of fuel has slowed down the demand for popular sports vehicles that GM is most famous for. The company has previously indicated that it wants to sell off Hummer, its iconic brand. Among those who are interested in buying the popular brand are Russian Machines, an engineering company that makes planes, trains and automobile parts and Mahindra & Mahindra, the Indian car maker.

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