With an 11% drop in the global car sales for the first time in 77 years, General Motors loses its global sales crown. The position for the same is now taken by its rival Toyota Motors.
Today, General Motors is struggling to restructure and revive its business under a $13.4 billion US government bailout. According to GM, the car sales tumbled to 8.35 vehicles due to credit crunch and the impact of recession in US car market. The shares of the company also fell 26 cents on the New York Stock Exchange.
Toyota also had a tough time challenging the aftermaths of the economic recession. Car sales slipped to about 4% but even then the company has successfully overpowered the leading global player.
According to the GM Chief Executive Rick Wagoner the title of being number one in global auto market was a pride for the company and it will further adopt new strategies to get back the same position. In addition to the GM federal funding, the GM Chief Operating Officer Fritz Henderson is also forced to hunt for new strategies and adopt new measures to avoid bankruptcy and regain the lost position in the global car market.