General Motors sees sustained profits through 2018
NEW YORK (AP) _ General Motors expects strong sales in North America and China to sustain its profit through 2018.
The automaker on Tuesday reaffirmed its 2017 expectations for profit between $6 and $6.50 per share and said it expects similar results in 2018. The company also cited cost-cutting and growth in other units, including GM Financial, as factors in maintaining profit.
In 2017, GM sold its Opel/Vauxhall and GM Financial European units and cut business in parts of Africa and India. It also reported strong pickup truck sales in the U.S.
Overall, U.S. auto sales fell 2 percent industrywide in 2017, according to Autodata Corp., ending an unprecedented seven-year expansion. Still, 2017 marked the fourth-best sales year in U.S. history, after 2000, 2015 and 2016, according to Kelley Blue Book.