GM Reports Second-Quarter Earnings of $1.1 Billion

DETROIT – Even with global sales dipping 1.7% in the second quarter, General Motors Co. still reported second-quarter earnings of $1.1 billion Thursday, or 67 cents per diluted share, behind strong sales in North America.

Globally, GM said it sold 2.46 million vehicles.

Sales of GM brands in the United States, Canada and Mexico were up 3.76% over the same quarter a year ago, with 965,000 cars, trucks and SUVs sold. North America was the only region that saw a sales increase in the quarter.

“The first two quarters of the year were strong as we fully capitalized on a robust North American industry and maintained our strength in China, despite the challenging conditions in that market,” said CEO Mary Barra in a prepared statement. “We said our goal was to improve our earnings and margins this year, and we are on-plan.”

The Asia/Pacific, Middle East and African market remained GM’s No. 1 in terms of volume, with 1.02 million vehicles sold, a 0.4% drop. GM’s brands in that region include Chevrolet, Wuling, Buick, Holden, GMC and Cadillac.

European sales of Opel/Vauxhall and Chevrolet totaled 319,000, down about 5.1% from the second quarter of last year. South American sales fell 27.1% to 156,000.

Barra expressed optimism that sales will improve the second half of the year.

“We believe our results in the second half of the year will be even better than the first half, and we’re confident we will meet our 2016 targets,” she said.

SOURCE: General Motors Co.

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