3 May 2013

GM profit down

12:00 pm on 3 May 2013

General Motors has reported a fall in quarterly profit, due to losses at its European unit Opel and a fall in revenue in the United States.

The American car company made $US865 million in the three months to March, a decrease of 14% compared with the same period a year ago.

Global vehicle sales rose 3.5% to 2.3 million, with record sales in China while it boosted its share of the US market.

GM has long insisted that Opel will break even by the middle of the decade, thus ending more than 10 years of losses.

Shares rose 3.2% on Thursday.