Fleet News

GM profits slide by 11%

GENERAL Motors, the world's largest vehicle manufacturer, has announced second quarter profits down 11% to $166 million (1999: $187 million) but remained upbeat, saying the European market was very strong, and blamed the profit drop on new product launch costs.

However, GM Europe profits after six months of 2000 are ahead of last year at $387 million (1999: $361 million). Group profits for the second quarter were at a record $1.8 billion (1999: $1.7 billion), although half-year profits have dipped slightly to $3.53 billion (1999: $3.98 billion). GMAC, which includes UK subsidiary Interleasing, reported second quarter profits of $395 million (1999: $391 million) taking half-year profits to $792 million (1999: $783 million).

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