GM expects pretax profit improvement in 2013, 2014
In this Jan. 28, 2013 photo, cars move along an assembly line at the General Motors Fairfax plant in Kansas City, Kan. THE CANADIAN PRESS/AP, Orlin Wagner
DETROIT - General Motors expects pretax earnings to improve modestly this year, offset by $1.1 billion in European restructuring costs.
The Detroit-based company also said pretax earnings and revenue were up in 2013 thanks to the launch of new vehicles like the Cadillac ATS.
The automaker earned $8.4 billion before taxes on $152 billion in revenue in 2012. The company releases 2013 earnings next month.
GM's new president, Dan Ammann, and new chief financial officer, Chuck Stevens, discussed the outlook Wednesday at a Deutsche Bank conference in Detroit.
GM says it expects global industry sales to grow by about 2 per cent this year, to more than 85 million vehicles. It's opening four new plants in China through 2015 to keep up with that growth.
GM shares fell 39 cents to $39.63 in premarket trading about an hour before the market open.