GM announces earnings and new boss, and new products, in GM Europe on Driving the Nation

GM announces earnings and new boss, and new products, in GM Europe on Driving the Nation

Detroit, MI – The edict from the top: bring down the breakeven by increasing revenue and cutting cost.

General Motors Co. (NYSE: GM) today announced third quarter net income attributable to common stockholders of $1.7 billion, or $1.03 per fully-diluted share. In the third quarter of 2010, GMs net income attributable to common stockholders was $2.0 billion, or $1.20 per fully-diluted share.

Net revenue increased $2.6 billion to $36.7 billion, compared with the third quarter of 2010. Earnings before interest and tax (EBIT) adjusted was $2.2 billion, compared with $2.3 billion in the third quarter of 2010.

GM Europe (GME) reported an EBIT-adjusted loss of $0.3 billion, an improvement of $0.3 billion compared with the third quarter of 2010.

Based on current industry outlook, the company expects EBIT-adjusted results in the fourth quarter of 2011 will be similar to the fourth quarter of 2010 as a result of seasonal trends in North America and weakness in Europe. The company does not expect to achieve it’s target to break even on an EBIT-adjusted basis before restructuring charges in Europe, due to deteriorating economic conditions.

On November 7, 2011 it was announced that Karl Stracke will succeed Reilly as president of GM Europe, effective Jan. 1, 2012. Stracke will continue as CEO of Opel/Vauxhall and will join the GM Executive Operations Committee immediately.

GM Europe is looking forward to the upcoming launches of the Zafira Tourer, Astra GTC, Ampera and Combo which will contribute to the companys reputation and bottom line.

The video shows Karl-Friedrich Stracke talking about future product in GM Europe at the Frankfurt auto show.

About the Author:

Lou Ann Hammond is the CEO of Carlist and Driving the Nation. She is the co-host of Real Wheels Washington Post carchat every Friday morning and is the Automotive, energy correspondent for The John Batchelor Show and a Contributor to Automotive Electronics magazine headquartered in Korea. Hammond is a member of the North American Car and Truck of the Year (NACTOY), Women's World Car of the Year (WWCOTY), and the Concept Car of the Year.