General Motors is basing its planning on oil prices as high as US$130 a barrel once the world economy recovers and will develop more electric cars and biofuels, its top executive has said.
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“We’re planning for oil in the $100-$130 per barrel range. This is structural change,” Fritz Henderson said at an energy conference in Detroit.
According to AFP, he also said that car sales in China were set to pass those in the United States this year for the first time ever in a landmark shift.
“We used to think that might happen in 2015 or 2020,” Henderson said.
For GM to be competitive, the company had to look at “multiple paths” including electric cars and biofuels, he said, adding: “In the end, it’s the consumer that will drive us to make more efficient automobiles.”
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By GlobalDataHenderson said he was in daily contact with president Barack Obama’s auto task force and was preparing for an upcoming hearing on whether GM should be sold to a consortium of investors including the US Treasury, the Canadian government, the company’s blue-collar retirees and creditors.
