As the world's top automotive executives gather in Detroit this weekend for the city's annual motor show, those representing the US "Big Three" carmakers will be happy to see the back of 2003.
Last year GM, Ford and Chrysler, the US unit of Germany's DaimlerChrysler, struggled with the high cost of financing incentives and brutal cost-cutting, making 2003 one of the worst years for profits in recent memory.
GM and Ford were profitable for much of the year, thanks to booming business at their financing arms, but selling vehicles was often a loss-making proposition. Chrysler expects only a small operating profit for last year as incentive costs and intense competition offset $7.1 billion in savings over the past three years.
With signs of a US economic recovery, Detroit hopes for better times. Virtually every carmaker operating in North America expects sales growth this year, reflecting optimism that demand for vehicles in the world's largest single market will continue to expand.