General Motors sees sustained profits through 2018

AP News
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Posted: Jan 16, 2018 9:02 AM
General Motors sees sustained profits through 2018

NEW YORK (AP) — General Motors expects strong sales in North America and China to sustain its profit through 2018.

The automaker on Tuesday reaffirmed its 2017 expectations for profit between $6 and $6.50 per share and said it expects similar results in 2018. The company also cited cost cutting and growth in other units, including GM Financial, as factors in maintaining profit.

In 2017, GM sold its Opel/Vauxhall and GM Financial European units and cut business in parts of Africa and India. It also reported strong pickup truck sales in the U.S.

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Overall, U.S. auto sales fell 2 percent industrywide in 2017, according to Autodata Corp., ending an unprecedented seven-year expansion. Still, 2017 marked the fourth-best sales year in U.S. history, after 2000, 2015 and 2016, according to Kelley Blue Book.