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General Motors earnings down 32 percent but better than expected

Greg Gardner, Detroit Free Press on

Published in Automotive News

Earlier this month, about 2,800 workers at a GM assembly plant in Ingersoll, Ontario, returned to work after a one-month strike over GM's decision to move production of the GMC Terrain to Mexico. That left the plant with just one model, the Chevrolet Equinox. The strike ended when GM told members of Unifor, the Canadian auto union, it was prepared to close the plant permanently.

Any financial impact from the strike will be reflected in fourth-quarter earnings.

Now that GM Europe is off its books, GM made money in all other regions, including $500 million from its joint ventures in China and $100 million in South America.

As for the outlook over the remainder of 2017, Chief Financial Officer Chuck Stevens said there would be fewer production cuts, but overall output in North America would be lower than the comparable period of 2016.

"Our full-year 2017 results will be in line with the record results that we posted in 2016," Stevens said.

 

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