GM's First-Quarter Profit Falls 14 Percent


  • GM Q1 Earnings Picture

    GM Q1 Earnings Picture

    General Motors said its first-quarter profit fell 14 percent to $865 million. | May 03, 2013

Just the Facts:
  • General Motors' first-quarter net profit fell 14 percent to $865 million.
  • Pretax profit in North America dropped to $1.4 billion from $1.6 billion in the first quarter of 2012.
  • The cost of tooling up for the new Chevrolet Silverado and GMC Sierra pickup trucks, plus heavy incentives on the outgoing trucks affected GM's first-quarter results.

DETROIT — General Motors' first-quarter profit fell 14 percent to $865 million, in part due to the launch of its new full-size pickup trucks in North America.

Pretax profit in North America dropped to $1.4 billion from $1.6 billion in the first quarter of 2012. The pretax loss in Europe narrowed to $175 million, from $294 million in the first quarter of 2012 and was lower than expected.

Worldwide revenue for the quarter was $36.9 billion, down from $37.8 billion a year ago.

The cost of tooling up for the new Chevrolet Silverado and GMC Sierra pickup trucks, plus heavy incentives on the outgoing trucks affected GM's first-quarter results.

"The year is off to a solid start as we increased our global share with strong new products that are attracting customers around the world," said Dan Akerson, GM chairman and CEO, in a statement. "In addition, we saw progress in Europe thanks to strong cost actions and great vehicles like the Opel Adam and Mokka."

Edmunds says: GM's results are expected to improve once some of its key products, like the 2014 Chevrolet Silverado and GMC Sierra, are launched.

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