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Europe getting better for GM but no turnaround

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Europe getting better for GM but no turnaround
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General Motors has posted stronger-than-expected quarterly profit, based on reducing costs in its North American business along with its European division – that is Opel and Vauxhall.

A loss of 134 million euros in Europe was much smaller than auto industry analysts had predicted, but the Chief Financial Officer Dan Ammann said they do not see any signs of a turnaround in Europe.

Ammann said the year was off to a “solid start,” but added: “It’s too soon to call a bottom in Europe”.

In the region, GM cut $300 million (228 million euros) in costs and was able to keep the pricing on its vehicles unchanged.

GM’s international unit, which includes China, recorded weaker than expected results, as did its South America division.