Upbeat GM CEO Wagoner Says Worst May Be Over

Upbeat GM CEO Wagoner Says Worst May Be Over

General Motors CEO Rick Wagoner said the worst in terms of job and capacity cuts, health   care costs and pension issues may be over for the automaker.

"I would say, from an assembly perspective [the pain] is largely behind us," Wagoner told the Financial Times in Shanghai, after attending the opening ceremony of the Beijing Olympic games.

Wagoner pins his hopes for GM on emerging markets, which he expects to contribute 80 percent of global car industry growth in the next five years. GM is particularly optimistic about China, where the carmaker sold more than a million cars last year, making it GM's second-largest market.

"This has been miracle story from our perspective," Wagoner told the London paper. "For me it's the replay of the U.S. auto industry in the 50s, 60s, 70s, but the upside potential is dramatically greater."

Despite recent slowing of China's car sales growth, Wagoner said "that's not something we are losing sleep over." He noted vehicles per people remains low compared with the U.S. and Europe.

Photo by GM

GM's Chevrolet kicked off its new advertising during the opening ceremonies of the Olympic Games in Beijing. The ads highlight the fuel efficiency of Chevy vehicles, including the pictured Aveo.

Michelle Krebs:  is Editor-in-Chief of AutoObserver.com. Follow @AutoObserver on Twitter.