GM's European losses double in 2012
Automotive News
February 14, 2013
General Motors' losses doubled in Europe in 2012, weighing down the automaker's third-straight profitable year.
In Europe, losses for the full year widened to $1.8 billion from $747 million in 2011, GM said today. It was the 13th straight year of GM losses in Europe and reflected the rapid deterioration of vehicle demand and economic conditions in the region.
GM CFO Dan Ammann said the automaker is "not betting on" an uptick in European auto demand later this year and he expects conditions to worsen industrywide in the region. He reiterated the company's earlier forecast that GM would trim operating losses slightly in Europe in 2013.
Ammann said GM has no plans to provide additional funds to PSA/Peugeot-Citroen, its struggling partner in the region.
GM in October said it expected the full-year operating losses in Europe to total $1.5 billion to $1.8 billion, with "slightly better" results in 2013 and targeting break-even by mid-decade.
Full article at link.
Automotive News
February 14, 2013
General Motors' losses doubled in Europe in 2012, weighing down the automaker's third-straight profitable year.
In Europe, losses for the full year widened to $1.8 billion from $747 million in 2011, GM said today. It was the 13th straight year of GM losses in Europe and reflected the rapid deterioration of vehicle demand and economic conditions in the region.
GM CFO Dan Ammann said the automaker is "not betting on" an uptick in European auto demand later this year and he expects conditions to worsen industrywide in the region. He reiterated the company's earlier forecast that GM would trim operating losses slightly in Europe in 2013.
Ammann said GM has no plans to provide additional funds to PSA/Peugeot-Citroen, its struggling partner in the region.
GM in October said it expected the full-year operating losses in Europe to total $1.5 billion to $1.8 billion, with "slightly better" results in 2013 and targeting break-even by mid-decade.
Full article at link.