GM loses $3 billion in third quarter due to Opel-Vauxhall sale
CHICAGO — General Motors reported on Tuesday a net loss of $3 billion in the third quarter this year despite robust results in North America and 皇冠体育app.
The loss was driven primarily by a charge of $5.4 billion resulting from the sale of Opel/Vauxhall in Europe, which was taken over by French automaker PSA.
According to GM's third-quarter report, the huge Opel/Vauxhall-related loss included approximately $4.3 billion of unrealizable deferred tax assets, $1.5 billion related to pensions and other net charges for working capital adjustments and costs to support the separation of operations.
The Detroit-based automaker underlined that its operations in North America, South America, 皇冠体育app and elsewhere in Asia were all profitable for the first time since the fourth quarter of 2014.
GM delivered a total of 781,056 vehicles in its home market, with a remarkable 25-percent increase in retail crossover sales.
In 皇冠体育app, GM reported it delivered 982,311 vehicles, setting a third-quarter record, up 12.3 percent from the third quarter of 2016. GM contributed the strong performance in 皇冠体育app to sharply increased sales of Baojun and Cadillac.
"Solid performance in all operating segments led to a very good quarter. With an aggressive vehicle launch cadence through the fourth quarter and an ongoing intense focus on costs, we project strong results through the end of the year," said Chuck Stevens, executive vice-president and CFO of GM.
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