GM raises 2018 forecast, predicts stronger 2019 earnings
DETROIT (AP) — General Motors strengthened its pretax profit estimate for 2018 and predicted even stronger performance for 2019 as it executives made a presentation to investors on Friday.
CEO Mary Barra also says the company doesn’t foresee any further job cuts through 2020. Last year GM announced plans to close five North American factories and lay off 14,000 salaried and blue-collar workers.
The company predicts 2018 pretax profits will be higher than the $5.80 to $6.20 range it forecast in the third quarter. For 2019, it expects that to increase to $6.50 to $7.
The rosy profit forecast comes despite declining sales for the company in the U.S. and slowing sales in China. GM also plans to exit several car lines in the U.S. in the coming year.