Fleet News

GM cuts European losses

GM Europe has reported a loss of $180 million during the third quarter of 2002, an improvement on the $287 million loss it recorded in the same period last year.

The company attributed its progress to reducing material and structural costs which more than offset a decline in vehicle sales and the costs associated with the launch of the new Saab 9-3 saloon range.

However, the manufacturer acknowledges that its three European brands, Vauxhall, Opel and Saab, continue to face weak market conditions, particularly in Germany, and a challenging pricing environment.

Rick Wagoner, GM president and chief executive officer, described GM Europe's turnaround as a top priority. 'We've made very good progress on the cost side, and now the focus is on improving revenue growth,' he said. 'We expect that the strong products coming from Opel/Vauxhall and Saab will lead to improved sales.'

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