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GM CEO says charge doesn't reflect co's prospects

DETROIT
Wed Nov 7, 2007 7:58am EST

DETROIT (Reuters) - General Motors Corp Chief Executive Rick Wagoner said on Wednesday the automaker's $39 billion charge in the third quarter does not reflect the company's prospects.

Wagoner also told CNBC television in an interview that he expects industrywide U.S. auto sales at an annual rate in the "low 16 million" in the next few quarters as U.S. economic conditions continue to be challenging.

GM on Wednesday posted a record loss for the third quarter, reflecting a $39 billion charge related to unclaimed tax credits and a loss at its former finance subsidiary, GMAC.


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