Photo: GM
The economic situation of Europe is really affecting all major automakers, and GM, with its Opel and Vauxhall branches on the Old Continent hasn’t been avoided by these financial issues. Despite posting a profit of $1.48-billion in the third quarter of this year, it still represents a 14% decrease, despite the fact that production and pricing have risen in both North America and Asia (primarily China).
Europe was the main reason for the Q3 decline, though, as GM reported losses of $478-million on the Old Continent alone, whereas the same time frame of 2011 brought about the loss of some $292-million. This very negative result is also due to a 27% drop in Opel production during the quarter.
By the end of the year, GM will have lost an estimated $1.5- to $1.8- billion, which is easily more than double the $747 they reported to have lost last year. For 2013, they are only hoping for ‘slightly better results’, so no major improvements, probably by the middle of the decade.
Story via autonews.com
By the end of the year, GM will have lost an estimated $1.5- to $1.8- billion, which is easily more than double the $747 they reported to have lost last year. For 2013, they are only hoping for ‘slightly better results’, so no major improvements, probably by the middle of the decade.
Story via autonews.com
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