Fleet News

GM Europe profits fall

PROFITS at General Motors Europe, which includes Vauxhall, dropped in the third quarter of 1999 as sales volumes dipped, although market share increased to 10% from 9.7% in the third quarter last year. However, the slip in profits in Europe was offset by strong year-on-year increases in GM North America and General Motors Acceptance Corporation, which bought UK-based Arrive Automotive Solutions earlier this year.

As a result General Motors reported record third quarter revenues of $42.8 billion resulting in profits of $877 million. That compares with a strike-impacted net loss in the third quarter last year of $309 million.

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