GM Jumps Most Ever Promising to Stanch Losses in Europe: Cars
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General Motors Co.’s biggest surprise yesterday wasn’t earnings that beat estimates by 55 percent. It was that it expects to break even by the middle of the decade in Europe, a region where it has lost $17.3 billion since 1999.
GM’s pledge to end losses that it said may reach $1.8 billion this year in as soon as three years puts it on the same pace as Ford Motor Co. The second-largest U.S. automaker announced plans last week to close three factories in the next two years, eliminating 6,200 jobs, or 13 percent of its workforce in the region.