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General Motors Misses Profit, CFO Looks to Europe

General Motors Misses Profit, CFO Looks to Europe

While many automakers have experienced significant turnarounds in recent months, General Motors Company announced a lower-than-expected profit for the fourth quarter, largely due to weak performance in Europe.

 

According to Reuters, General Motors CFO Dan Ammann told reporters that improvements need to be made across the company, particularly overseas.

"We obviously have work to do still and a long way to get to the objectives we ultimately want to get to," the chief financial officer explained. "We clearly have work to do in Europe. We have work to do in the South America business. Frankly, we have work to do all around the company in terms of cost opportunity."

While sales in the quarter rose 3 percent, Ammann noted that GM had not taken enough cost-cutting measures in Europe. Still, GM reportedly expects to beat the $150.3 billion in sales experienced last year, according to the news source.

GM's struggles in Europe come after Chrysler recently announced it turned an annual profit for the first time since 2005 last year. According to CNN Money, the automaker was able to move from bankrupt to profitable in approximately two years.

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