New York — Second-quarter profits at General Motors (GM) plunged after the company took a hit from the cost of shuttering less profitable overseas operations, and the company says the rest of the year looks challenging. As car sales dipped in the cooling North American market, net income for the biggest US auto maker dropped 42% from the same period of 2016 to $1.7bn, while revenues fell 1.1% to $37bn. The auto maker also warned that it expected a tougher business environment in the second half of the year, when it plans to suspend production at a number of US factories to make upgrades to enable production of newer pick-up truck models. Chief financial officer Chuck Stevens said the auto maker viewed adjusting its production as the "first lever" in tackling a weak market, rather than resorting to consumer rebates to drive sales. "We want to continue to improve the financial performance of those cars," he said. "We will be competitive but certainly wouldn’t anticipate significant pr...
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