GM Sees Path to Profit in Second Half After Quarterly Loss
- Production and sales climb after factory, showroom shutdowns
- Carmaker expects to pay off $16 billion in debt by end of year
Photographer: Daniel Acker/Bloomberg
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General Motors Co. reported its first quarterly loss since it emerged from bankruptcy but said it sees a path to full-year profit and paying off debt if the economy remains stable during the second half of 2020.
With plants running and customers returning to dealers following closures earlier this year, GM is rebuilding inventory, said Dhivya Suryadevara, the company’s chief financial officer. Barring another economic shutdown from the coronavirus, GM expects to chalk up $4 billion to $5 billion in earnings before interest and taxes for the balance of the year.