08:49:13 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



General Motors Company
Symbol GMM
Shares Issued 1,510,595,425
Close 2017-05-18 U$ 32.50
Market Cap U$ 49,094,351,313
Recent Sedar Documents

Globe/wire say GM to pare down international operations

2017-05-19 07:51 ET - In the News

The Globe and Mail reports in its Friday, May 19, edition that General Motors plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa. A Reuters dispatch to The Globe reports that GM will take a $500-million charge in the second quarter to restructure operations in India, Africa and Singapore (all figures U.S.). It will cancel most of a planned $1-billion investment to build a new line of low-cost vehicles in India. About $200-million of the charge will be a cash expense. The moves are expected to save $100-million a year in a sector of GM's global business that last year lost about $800-million. GM president Dan Ammann says the latest restructuring moves allow GM to focus more money, engineering effort and senior management time on expanding where the company is strong, including in China and the North American pickup and SUV businesses, where GM has a "product onslaught coming." GM also has said it is investing about $600-million a year in efforts to develop autonomous vehicles and transportation services. GM has found it increasingly expensive to compete in emerging markets outside of China.

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