General Motors, the world’s largest car-maker, needs to mend its European operations and end losses in the region to give investors confidence to buy the company’s shares.
“We have to fix Europe,” CEO Dan Akerson told reporters before the firm’s annual shareholders meeting yesterday in Detroit. “At least get it to where it isn’t draining the corporate coffers.”
GM posted a first-quarter adjusted operating loss in Europe of $256 million and also had $590 million in writedowns.
Mr Akerson is pushing to raise operating margins and bolster the Cadillac and Chevrolet brands globally after the company posted a record annual profit of $9.19 billion and outsold Toyota to regain the title of the world’s best-selling car-maker last year. – (Bloomberg)