As it nears 100, GM faces a rough road ahead

But Young said GM can manage the debt, which will be repaid over a long period, in some cases up to 30 years.

"It's not like you have to repay it tomorrow," he said. "We recognize that our balance sheet does have a lot of debt, and that's why were very focused on cash flow generation right now."

Repaying debt while covering losses, retooling factories and trying to fund research on cars of the future will not be easy.

"You've got to pay that debt back with interest, and you're not making money now," said the University of Michigan's Lewis.

But Young and other GM executives point to the new midsize Chevrolet Malibu as a shining example of how the company can build a top-notch car that can win buyers back from Japanese brands and make money for the company.

GM sold 119,665 Malibus through August, up 47 percent from the same time last year. It's also selling for an average of $4,000 more than its nondescript predecessor.

Interactive New for 2009 An automaker-by-automaker look at all the models coming to a showroom near you.

Ezell said GM paid more attention to the new Malibu than any other model he's seen in his four decades with the company.

"The quality that they put into them is unbelievable," he said. "We have to make sure it goes out right the first time."

The Malibu, Young said, will set the standard for each new GM vehicle from here on out.

"Every vehicle that we launch is going to be more profitable, better executed, better supported," he said.

But Lewis said the competition also is bringing out great new products, so GM's mission will only get harder.

Still, history has shown that Detroit automakers have made repeated comebacks from hard times in the past.

"When they start to make money, they make a lot of money," Lewis said. "That's happened many times."

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