Auto/Economy
11:51 am
Tue June 7, 2011

GM Chief concerned about the economy, and Ford looks to Asia

 The CEO of General Motors, Dan Akerson, told reporters today that he's concerned about the "jobless economic recovery" and high federal deficits.

From the Associated Press:

The CEO told reporters before the company's stockholders meeting Tuesday that the government should have a 10-year plan to cut its roughly $14 trillion deficit. He says that would bring much needed stability to markets.

Akerson says if more jobs are created, more people will buy cars. He also predicts it will take a long time to shed the excesses of loose credit policies that began in the mid-1990s.

In other auto news, officials at Ford Motor Company say they want to grow sales by expanding into the market in Asia. From the Associated Press:

Ford Motor Co. wants to expand its global sales by 50 percent by the middle of this decade, mostly through growth in Asia.

The company is expected to present its growth plan later Tuesday at a meeting for investors in New York.

Ford sold 5.3 million vehicles last year, but wants to sell 8 million in the next five or six years.