GM posts quarterly net loss after sale of Opel to Peugeot
The results sent General Motors’ shares up more than 2% in pre-market trading
Detroit — General Motors posted a quarterly net loss on Tuesday due to charges stemming from the sale of its Opel unit in Europe to France’s Peugeot, but, excluding charges, its results handily beat analyst expectations and the company re-affirmed its full-year earnings outlook. The results sent the company’s shares up more than 2% in pre-market trading. The number one US vehicle maker posted lower revenue for the quarter as it shuttered plants in North America to reduce production and tackle bloated inventory levels, especially of unpopular sedan models as consumers move increasingly to pick-up trucks, SUVs and crossovers. GM had 76 days’ supply of unsold vehicles at the end of September, down from 88 days a month earlier and more than 100 in the summer. The company’s wholesale volumes were down 26% compared to the same quarter in 2016. GM said on Tuesday it was on track to meet its goal of 70 days’ supply of vehicles in US by the end of the year. But as GM embarked on a months-lon...
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