Weakness in Asia leads to profit drop: GM
By Michael Barris in New York and Li Fangfang in Beijing | China Daily | Updated: 2013-07-27 08:30
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First-half passenger vehicle sales rose 13.8 percent to 8.67 million units, exceeding expectations. The vehicle industry association is maintaining its 7 percent sales growth forecast for this year. Cheng Qun / Xinhua |
General Motors Co, the largest foreign vehicle producer in China by sales, posted a 19 percent drop in second-quarter profit as it spent on the launch of redesigned pickup trucks in the United States and faced increased competition and pricing pressure in Asia from strong European and recovering Japanese rivals.
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