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Obamanomics: GM Profit Falls 41%

Via New York Times:
General Motors said Thursday that its second-quarter profit dropped 41 percent as losses in Europe dampened a strong performance in its core North American market. G.M., the nation’s largest automaker, said it earned $1.5 billion in the quarter compared with $2.5 billion in the same period last year. Global revenue also fell, to $37.6 billion from $39.4 billion in the second quarter of 2011. The company said it earned an operating profit of about $2 billion in North America, compared with $2.2 billion a year ago. G.M.’s international division, which primarily includes sales in Asia, earned $557 million, compared with $573 a year earlier. But General Motors continued to struggle in Europe, where economic conditions have driven auto sales down to their lowest point in more than a decade. G.M. said it lost $361 million in Europe during the second quarter, compared with an operating profit of $102 million a year ago. The company also posted a loss of $19 million in South America during the quarter. The company recently replaced several of its top executives in Europe, including the chief executive and chief financial officer. G.M. is also planning to close at least one plant in Europe by 2016. . .

Yeah. Obama "saved" GM. - Greg Pollowitz


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