ＧＭ破綻１年 国有化から脱する道は遠い

The Yomiuri Shimbun (Jun. 3, 2010)
GM facing long road back to independence
ＧＭ破綻１年　国有化から脱する道は遠い（6月2日付・読売社説）

One year has passed since U.S. auto giant General Motors Co. went belly-up.
　米自動車大手、ゼネラル・モーターズ（ＧＭ）が経営破綻(はたん)してから１年になる。

The automaker is still on the bumpy road to full reconstruction. It likely will be some time yet until GM can break free from state ownership and regain its independence.
　本格的な再建の道は厳しく、国有化から脱して自立するまで、まだまだ時間がかかるのではないか。

Since GM's collapse on June 1 last year, the U.S. and Canadian governments have injected a massive amount of public funds into the automaker. The two governments hold a 70 percent stake in GM while it undergoes reconstruction.
　ＧＭは破綻後、米国とカナダ両政府から巨額の公的資金を受け、株式の７割を両政府が保有する国有企業として再建途上にある。

The first glimmer of recovery since GM's failure appeared in its recently announced settlement of accounts for the January-March quarter. Sales increased 40 percent from a year ago to about 31.5 billion dollars (2.9 trillion yen) and net profits jumped to about 900 million dollars, climbing into the black for the first time in three years.
　初めて復活の兆しをうかがわせたのが、最近発表された今年１～３月期決算だった。売上高が前年同期比で４割増の約３１５億ドルとなり、純利益も約９億ドルで３年ぶりに黒字に転換した。

Efforts to streamline the automaker and brisk sales at home and abroad likely contributed to the improved corporate performance. GM's first-quarter new car sales in North America rose 12 percent from the previous year, while sales in Asia and other emerging economies surged 45 percent.
　合理化の効果に加え、北米の新車販売台数が１２％増と復調し、アジアなど新興国市場も４５％増と躍進したのが要因だろう。

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Dose of realism needed

GM has put a brake on its runaway deficits and collected a profit--the first favorable news the company has heard after years of grim results.
　赤字の垂れ流しを食い止め、黒字を確保できたのは、久しぶりに明るい材料である。

Thanks to this pickup, GM paid back some of the money it borrowed from the U.S. and Canadian governments ahead of schedule and decided to resume a huge investment project. GM management seems convinced the firm's reconstruction is progressing smoothly.
　この結果、ＧＭは政府からの借入金の一部を前倒しで返済し、大型投資の再開も決めた。ＧＭ首脳は、再建が順調に進んでいると、手応えも感じているようだ。

However, there is good reason not to get carried away just yet. GM still has to repay 52 billion dollars (about 4.7 trillion yen) to the U.S. and Canadian governments, including the money extended in the form of equity.
　だが、先行きは楽観できまい。米国とカナダ両政府に対する未返済の債務は、出資分を含めて、約５２０億ドル（約４・７兆円）と巨額である。

GM plans to list its stock again at the end of this year or next year, and to use the profits from this to repay the money it owes the governments. But this is still some distance down the road.
　ＧＭは、今年末か来年にも株式を再上場し、上場益で債務を返済する計画だが、そのメドは立っていない。

GM's sales in North America were brisk mainly because Toyota Motor Corp.'s sales plunged in the wake of its massive recalls. GM plans to roll out the Chevrolet Volt, a new eco-friendly car, this year, but opinions are split over whether the firm will be able to retain its momentum.
　北米の売り上げが好調だったのは、リコール問題でトヨタ自動車の販売が低迷したことに助けられたためだ。ＧＭは、新型エコカーの「シボレー・ボルト」を年内に販売する予定だが、勢いが続くかどうかは不透明である。

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1 is the loneliest number

Competition will further intensify in fast-growing emerging markets, a key battlefield for automakers around the world.
　急成長している新興国市場は、自動車各社が狙う主戦場で、競争はますます激しくなる。

For GM to successfully list its shares again, it must secure stable profits by releasing promising models one after another. This is easier said than done.
　再上場を実現するには、「売れる車」を次々と投入するなどして、安定した収益を確保しなければならないが、高いハードルだ。

Major players in the auto industry are scrambling to form tie-ups for the development of electric cars and other next-generation vehicles. This could pose quite a threat to GM's prospects.
　このところ、業界で加速している電気自動車などの次世代カー開発を巡る大型提携の動きも、ＧＭにとって脅威といえる。

Following the tie-up of Volkswagen AG of Germany and Suzuki Motor Corp., the alliance of Nissan Motor Co. and Renault SA of France announced a strategic partnership with German automaker Daimler AG. Toyota also formed a tie-up with a U.S. electric car venture.
　独フォルクスワーゲンとスズキの連合に続き、日産自動車と仏ルノーが独ダイムラーと提携した。トヨタは米国の電気自動車ベンチャーとの提携に踏み切った。

GM has been left isolated by these partnerships and realignments. It may struggle to make up for its delay in developing eco cars while its reconstruction continues.
　こうした合従連衡から孤立するＧＭが、再建を進めながら、エコカー開発で出遅れを挽回(ばんかい)するのはなかなか大変だろう。

When will the U.S. giant get back on the track to full recovery? GM looks to be in for a rough ride for some time yet.
　いつ本格再建の軌道に乗れるのか、試練は当面続きそうだ。

(From The Yomiuri Shimbun, June 2, 2010)
（2010年6月2日01時16分 読売新聞）