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GM Sees Weakness Continuing Past 2009

 
By Joanna Ossinger
FOXBusiness
     
    GM Logo 03 276

    General Motors on Friday filed a form with the Securities and Exchange Commission to provide information on some of its actions, even though it’s currently a private company, and indicated that it sees economic difficulties continuing for some time.

    “GM agreed to provide this qualitative, non-financial information as part of its understanding with the SEC regarding the company’s filing requirements and those of Motors Liquidation Company (formerly General Motors Corporation) (GMGMQ), which sold substantially all of its assets to GM,” the company said in a statement.

    The filing contains information about the ownership structure, securities and regulatory issues that could affect GM’s operations, among other things.

    The auto maker didn't sound too optimistic about economic recovery this year.

    "The deteriorating economic and market conditions that have driven the drop in vehicle sales, including declines in real estate and equity values, rising unemployment, tightened credit markets, depressed consumer confidence and weak housing markets, are not likely to improve significantly during 2009 and may continue past 2009 and could deteriorate further," GM said in the filing. 

    GM said it would file the same type of form, an 8-K, after the completion of the third quarter ending Sept. 30 as well.

    GM said it plans to file next year to register its common stock.

    GM and other auto makers such as Ford Motor (F), Toyota Motors (TM) and Honda Motor (HMC) have seen a spike in sales in the past couple of weeks due to the successful “Cash for Clunkers” program where people can trade in gas guzzlers for more fuel-efficient vehicles.

     
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