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GM Europe posts highest quarterly profit in 11 years

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GM Europe posts highest quarterly profit in 11 years

Tom Armitage

Automotive News Europe

August 1, 2007

General Motors’ European division reported its highest quarterly profit in 11 years in the second quarter, lifted by cost cuts and rising demand.

Net profit for the second quarter rose to $236 million from $143 million, the Detroit-based automaker said on Tuesday, July 31. After restructuring, profits were $217 million for the period. The GM group as a whole earned $891 million in the quarter but posted only a slim profit from its North American operations.

Demand from eastern Europe was particularly strong while sales in Russia doubled year-on-year, the company said. But GM Europe President Carl-Peter Forster, noted that sales in those markets were still less profitable than in more mature European markets such as Germany, home to GM Europe’s Opel brand.

Demand for Opel’s Corsa small car and its compact SUV, the Captiva, had been particularly high while Chevrolet – formerly Daewoo – had also posted good sales figures, above all in eastern Europe, GM said.

The company sold 574,000 cars in the second quarter in Europe, five percent more than in the same period a year earlier. GM continues to cut costs in the region and will slash 1,400 jobs from its plant in Antwerp, Belgium, by the end of the year.

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I hope Cadillac and Saab can keep improving but impressive sales in Europe! Congrats GM, you really are taking the "global" economy seriously.

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