Don’t ask Chairman/CEO Ed Whitacre. His only comments so far on GM’s Q1 2010 performance comes from a memo leaked to Reuters, in which he says:
In January, I said we could earn a profit in 2010, if everything falls into place. Our first quarter financial results will show us an important milestone, and I’m pleased to say that I anticipate solid operating results when we report our first quarter financials in May
Given that GM’s 18.7 percent Q1 market share is down nearly a full point from its 2009 number (19.6 percent) despite industry-leading spiffs, we’d guess he’s soft-pedaling another weak quarter. Whitacre has said that profitability is within reach of the bailed-out automaker this year, but if The General can’t eke out a quarterly profit soon, there will be precious little time to gin up a successful IPO this year. And with the 2012 election forming a likely political deadline for government withdrawal, each quarter spent in the red puts that much more pressure on GM.