GM Boss Says Turnaround on Track

By: Associated Press
By: Associated Press

General Motors chairman and CEO Rick Wagoner says the automaker's turnaround plan for its struggling North American division is on track.

But he won't update the company's earnings forecast or discuss ongoing union negotiations regarding labor and health care costs. GM officials also are mum on the possibility of Delphi declaring bankruptcy this fall.

They met Tuesday with Wall Street analysts gathered in Detroit

GM withdrew its earnings guidance in April after it lost $1.1 billion in the first quarter. Wagoner says the company won't meet previously estimated earnings of $4 to $5 a share for the year.

But he points to some recent successes, including the 2005 Buick LaCrosse outselling sold the popular Chrysler 300 sedan last month.

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