Auto demand remains weak: General Motors

General Motors Chairman and Chief Executive Officer, Rick Wagoner, says that auto demand remains weak, and the company needs to take funding into it's own hands rather than relying on the market, which is currently weak.

“I think it's fair to say that conditions have worsened considerably, in auto sales, the last couple of months. This mix shift from trucks & SUVs (sports utility vehicle) to smaller vehicles, continued. And frankly the financial market conditions we think have got quite a bit worse over the last few months. So we decided we needed to move to take more of this funding and into our own hands and not rely as much on markets. And so we are doing that here. We hope it’s all we need to do, but frankly we need to watch and see how the economy and the market develops,” Wagoner said.