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GM expects pretax profit improvement in 2013, 2014

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Posted: Jan 15, 2014 6:34 AM

Updated: Jan 15, 2014 6:35 AM

DETROIT (AP) General Motors expects pretax earnings to improve modestly this year, offset by $1.1 billion in European restructuring costs.

The Detroit-based company also said pretax earnings and revenue were up in 2013 thanks to the launch of new vehicles like the Cadillac ATS.

The automaker earned $8.4 billion before taxes on $152 billion in revenue in 2012. The company releases 2013 earnings next month.

GM's new president, Dan Ammann, and new chief financial officer, Chuck Stevens, discussed the outlook Wednesday at a Deutsche Bank conference in Detroit.

GM says it expects global industry sales to grow by about 2 percent this year, to more than 85 million vehicles. It's opening four new plants in China through 2015 to keep up with that growth.

GM shares fell 39 cents to $39.63 in premarket trading about an hour before the market open.

Topics: US-General-Motors-Outlook

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