Sizable market shares across most major North American vehicle segments Recent return to profitability in its North American operations, positive cash generation in its global automotive operations, and substantial liquidity Geographic breadth with operations in all significant non-U.S. markets, including a leading presence in China Large, unfunded pension obligations The need to regain the confidence of many U.S. consumers, in our view Overdependence on light trucks and pickups in North America for profitability Uncertain timing of European operations' return to profitability Exposure to significant commodity price increases The rating on General Motors Co. reflects, among other factors: Standard&Poor's Ratings Services' expectation that GM can sustain its return to profitability in North America, even if EBIT margins do not
