GM reports a $3 billion quarterly profit
General Motors overcomes US sales drop and China losses to post quarterly profit of $3 billion
U.S. sales are down and a once-reliably profitable joint venture in China is losing money, but General Motors still managed to post a third quarter profit of $3 billion Tuesday, slightly less than it made a year ago.
GM earnings topped expectations and sent shares surging, thanks to strong truck sales and a turnaround in China.
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GM Earnings Jump, Market Share Rises, But Mixed News From ChinaA statement from GM CEO Mary Barra said the company had raised its retail marketshare to 16.3%, up a half percentage point.
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Fueled by the strength of its internal combustion engine (“ICE”) business which accounts for over 80% of its U.S. business, ...
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