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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: jlallen who wrote (43216)	4/20/2004 10:10:56 AM
From: T L Comiskey	Respond to of 89467

Why bad news..? auto workers are important to Americas base........ Thank heavens for China coming on........ borrowed from Zeev's thread.......... GM Ups Guidance while CAR performance sucks * Most profit came from China Ventures: Profits from GM's automotive operations rose 12 percent to $611 million from $546 million previously, despite weaker results from the U.S. and European automotive operations due to cuts in vehicle production and higher incentive costs. * Falling NA Profit: GM's North American auto operations posted a profit of $451 million, down from $548 million. * 7% Vehicle Production Cut: Even though GM's U.S. car and truck sales rose in the first quarter, the automaker cut its North American production by 7 percent as automaker inventories of unsold vehicles mounted. Vehicle production directly impacts earnings because automakers count revenue from new vehicles when they are built rather than when they are sold by dealerships. * Incentives Up Nearly 40%: GM and the rest of the automotive industry have spent progressively more on incentives over the past year. GM spent an average of $4,266 per vehicle sold in the United States in March, up from $2,915 per vehicle in March last year, according to Autodata. * European Auto Losses Doubled: The European automotive unit, which officials said will see significant changes in the year-ahead to turn around results, reported a loss of $116 million versus a loss of $65 million previously. * Pickup Dependent on New Compact Car: "Our first-quarter financial results in Europe were below expectations," Wagoner said. "Going forward, we expect to see improved results through the balance of the year as we ramp up production of the new Astra (small car), which has been well received."