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GM’s forecast of profit changes positively

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GM’s forecast of profit changes positively

Amid all the news surrounding the findings of the internal review order on the conduct of the company’s 2.6 million cars recalled for a defective ignition switch, the No.1 automaker also revealed its profit predictions.

The profit outlook was changed yesterday, the same day that the 325-page report painted a dark picture of “incompetence and neglect” as the carmaker for 11 years failed to see, recognize and acknowledge a safety defect that so far caused the death of at least 13 persons.

According to General Motors, the prediction for the whole 2014 is now more positive, as profit could increase faster than expected, while the company’s European division is forecasted to have a profit by mid-decade, after until now it was scheduled to only stop losing money.

After in 2013 General Motor’s profit was of $8.6 billion, the company’s CEO, Mary Barra, announced the previously planned forecast that would see the automaker fare modestly better in 2014 has been running ahead of pace. Barra did disclose the adjusted earnings before interest and taxes were excluding the cost of all this year’s recalls, which so far amount to a charge of $1.7 billion – and could still grow if there are more recalls during the latter part of the year.

Via Reuters

by Aurel Niculescu (my Google+) - Friday, June 6th, 2014 - filed under General Motors, Industry, News. Image credit: .
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