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News // Autos

GM To Miss Profit Targets

16 April 2003 , 11:48447
General Motors has announced it would likely to miss its $2.5bn full-year profit target.

The factors than influenced company?s business are global economic uncertainty and worse market conditions than expected in the US.

Currently GM follows costs reduction policy after weak sales.

Despite a decline of more than $100m in the US automotive division's profits, the group reported stronger-than-expected first-quarter earnings, thanks to a recovery in loss-making international operations and a record performance from its finance arm.

GM shares were down $1.13 at $34.99 by early afternoon.

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