GM im­proves quar­terly profit

The Star Early Edition - - INTERNATIONAL -

GEN­ERAL Mo­tors yes­ter­day re­ported a bet­ter-than-ex­pected quar­terly net profit from con­tin­u­ing op­er­a­tions de­spite falling rev­enue and promised to cut pro­duc­tion in the sec­ond half to cur­tail its bur­geon­ing in­ven­tory of un­sold ve­hi­cles. The No 1 US car maker main­tained its earn­ings out­look for 2017. GM’s shares rose by more than 1 per­cent in pre-mar­ket trad­ing. The re­sults for the quar­ter ex­cluded losses from the com­pany’s Euro­pean op­er­a­tions – Ger­many’s Opel brand and Bri­tain’s Vaux­hall – which are be­ing sold to France’s PSA Group. The earn­ings re­lease comes at a time when Wall Street is con­cerned that the US car in­dus­try is en­ter­ing a down­turn af­ter years of strong sales. Car mak­ers have re­ported de­clin­ing sales for the past four months. An­a­lysts are con­cerned over GM’s in­ven­tory of un­sold ve­hi­cles. – Reuters

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.