MORE HEREIsuzu sees profit pressure, no GM truck deal
September 24, 2008 - 7:00 am ET
HANOVER, Germany (Reuters) -- Japanese truckmaker Isuzu Motors Ltd. will struggle to hit its full-year net profit target and has ruled out buying General Motors' mid-sized trucks business, President Susumu Hosoi told Reuters.
"It will be difficult to achieve the net profit target but we will do everything possible to achieve it," Hosoi said in an interview on Wednesday at the IAA truck fair in Germany. He cited an expected downturn in all major truck markets.
Isuzu has said it aims to make a net profit of 85 billion yen ($801.8 million) in its current business year that runs until March 31.
Asked about a newspaper report last Friday that Isuzu could buy GM's mid-size trucks operations, Hosoi said: "There will be no such acquisition happening."
The two companies might be able to cooperate in this field, but there had been no talks about this, he said.
Shares in Isuzu, which is a former GM affiliate, rose 11 percent on the report, even though it said it had received no such offer from GM.