GM keeps profit forecast as US sales slow, inventories rise - WNEM TV 5

GM keeps profit forecast as US sales slow, inventories rise

Posted: Updated:
Stock photo Stock photo
DETROIT (AP) -

General Motors is holding to its 2017 profit forecast despite some headwinds in the key U.S. market.

Used car prices are falling, U.S. sales are off to a slow start and car inventories are rising, all which can help cut into profits.

Chief Financial Officer Chuck Stevens tells industry analysts that GM will save money from the sale of its European unit. He also predicts U.S. sales will rebound and GM will get higher prices as it rolls out new SUVs.

Although overall U.S. auto sales fell 1 percent through March, GM expects them to rebound to near-record levels of around 17.5 million this year.

In January, the Detroit automaker predicted 2017 pretax profits from $6 to $6.50 per share, compared with $6.12 in 2016.

Copyright 2017 The Associated Press. All rights reserved. 

Powered by Frankly
WNEM
Powered by WorldNow CNN
All content © 2018, WNEM; Saginaw, MI. (A Meredith Corporation Station) . All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.