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GM profit doubles in first quarter

BBC News BBC News 21/04/2016
GM cars © Getty Images GM cars

General Motors has reported a $1.95bn (£1.4bn) profit for first quarter, more than double the figure from the same period last year.

North America, its most important market, saw strong sales of trucks and sports utility vehicles.

In Europe GM broke even, reversing a loss of $200m a year earlier. In South America it cut its losses to $100m.

The profit growth came despite an industry-wide decline of car sales by 2.5% globally.

"This strong quarter also reflects the excellent progress we're making to improve results in our more challenged global markets," said GM chief executive Mary Barra.

GM's shares rose 3% in the first minutes of trading.

GM's chief financial officer Chuck Stevens expressed concerns about the impact of the UK leaving the European Union on the company.

"Our biggest concern long term is what that does to the commercial flows," he said.

In the first quarter GM invested $500m in ride sharing service Lyft.

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