General Motors still plans to break even in Europe during 2003 as new products are launched, despite missing 2002 targets, the head of the unit told Reuters.

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“The breakeven target is still on,” GM Europe chief Mike Burns told Reuters in an interview, noting that revenues would be key as the unit has already made good progress with cost cuts.

According to Reuters, Burns also said he expected to maintain European market share at about 9.1% this year and to make a slight gain in 2003.

Separately, GM’S chief financial officer, John Devine, told Reuters he expected the European car market to improve 2 to 3% in 2003 after an expected 5% drop in 2002.

Devine also said the US market would probably come out at roughly the same level next year as this year, Reuters added.

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