GM's Earnings Weak on Losses in Europe
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General Motors Corp.'s third-quarter earnings rose 3.5 percent, but the company's automotive business lost &#36;130 million primarily because of heavy losses in Europe and lower production and intense pricing pressure in North America.
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General Motors will cut around 10,000 jobs in Europe in a drive to save some 500 million euros (&#36;613.4 million) a year and return its loss-making operations there to profit, a company source said on Wednesday.
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Western European car sales probably fell in October for a fourth consecutive month, led by declines at General Motors Corp and PSA Peugeot Citroen, as slowing economic growth and rising unemployment made ...
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General Motors said that soaring health care costs and problems with its European division caused its fourth-quarter profits to fall by more than a third.
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Shares of General Motors Corp.  fell nearly 4 percent before the bell on Thursday after the biggest U.S. automaker reported third-quarter earnings that came in at the low end of its own estimates.
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General Motors Corp., the world&#39;s biggest carmaker, will cut as many as 12,000 jobs in Europe, almost a fifth of its workforce in the region, after $3 billion in losses in the past four years.
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General Motors Corp., the world's biggest automaker, said Wednesday its net income fell 37 percent in the fourth quarter, led downward in part by continued struggles at its European operations. But the results beat Wall Street expectations and its shares rose nearly 2 percent.
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General Motors Corp.'s third-quarter earnings rose 3.5 percent, but the company's automotive business lost $130 million primarily because of heavy losses in Europe and lower production and intense pricing pressure in North America.
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General Motors  expects its sales in central and eastern Europe to jump to 505,000 units this year from 350,000 in 2006, GM Europe sales chief Jonathan Browning said on Tuesday.
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A dismal performance by European retailers led the continent's stock markets lower on Wednesday as fears escalated about a global economic slowdown.
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Poor performances from the financial sectors left European equity markets lower on Wednesday, but strong results from Spain&#39;s Inditex brightened the retail sector.
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General Motors Corp., the world's biggest automaker, said Wednesday its net income fell 37 percent in the fourth quarter, led downward in part by continued struggles at its European operations.
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US car giant General Motors says it is to shed 12,000 jobs in Europe, with Germany bearing the brunt of the losses.
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General Motors Corp.  on Thursday posted slightly stronger quarterly earnings, but the results were at the low end of its own forecast and the company cut its earnings outlook for the year due to slower growth in Asia-Pacific and mounting losses in Europe.
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General Motors said Thursday that its earnings would fall this year because of rising health care costs and slowing profits at its financing division.
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Thousands of embittered car workers rallied across Europe against mass job cuts planned by General Motors, the world's biggest automaker, as labor unrest disrupted output at more GM plants Tuesday.
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The world's largest automaker lowered its annual earnings forecast Thursday, a few hours after announcing plans to cut about 20 percent of its European workforce by the end of 2006 in hopes of saving about $600 million a year.