New York — General Motors (GM) reported a big drop in second-quarter earnings on Tuesday on one-time restructuring costs in international markets, as car sales dipped in the cooling North American market. Net income for the biggest US car maker was $1.7bn, down 42% from the same period a year ago. Revenues fell 1.1% to $37bn. GM said overall performance remained solid, with growth in the key US crossover vehicle segment, despite a decline in overall US car sales amid weak sedan demand. GM notched higher sales in China compared with the same period a year ago, but its overall international sales declined from the 2016 period. Earnings were dented by one-time asset impairments, sales incentives and employee separations in India and South America as GM pares back operations in less-profitable markets. The results were also hit by accounting for GM’s pending sale of its Opel/Vauxhall brands in Europe to PSA Peugeot Citroen. "Disciplined and relentless focus on improving our business per...
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