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U.S. markets recover from steep losses
DETROIT, Jan. 3 (UPI) -- General Motors Corp.'s sales chief said Wednesday the U.S. automaker would report flat 2007 retail vehicle sales if not a drop in such sales.
Mark LaNeve, GM's North America vice president of vehicle sales, told reporters the company's share of retail sales -- cars and trucks sold to individual buyers -- would be "really flat" in 2007.
Since overall retail sales are down, that implies a drop in GM's retail total, The Wall Street Journal reported.
The company had hoped to sell at least 3 million vehicles to individuals in 2007, but has acknowledged it will fall short of that goal.
Through November, GM reported retail sales of 2.6 million vehicles, selling an average 240,000 vehicles a month to individuals.
If the average continued, GM would have sold 2.88 million vehicles to individuals through December.
GM stock closed at $24.41, down 48 cents or 1.93 percent, after hitting a new 52-week low of $24.20 earlier in the day.
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