General Motors on track but ‘not out of the woods’, while Chrysler trucks on
November 1, 2013
A dramatic improvement in General Motors’ European operation was the only silver lining in the troubled car manufacturer’s third quarter results, as global profits fell 53 per cent to $698m (£434m) from $1.5bn in the same period last year.
Losses in GM’s European business, which includes Vauxhall and Opel, narrowed to $214m from $487m last year. The chief financial officer, Dan Ammann, yesterday declared the company “well on track” towards its goal of breaking even in Europe by the mid-decade, although he cautioned: “We’re not out of the woods yet.” Just two days ago the US Treasury announced taxpayers had so far lost $9.7bn on its bailout of GM, thanks to sales of stock at prices below the government’s cost basis.
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