Despite Profits GM Looking For Ways To Cut Costs
To fuel your love of cars,
visit the Autos section.
DETROIT (WWJ) – Despite solid profits in the first half of the year … GM’s CEO has the company looking to cut costs.
WWJ AutoBeat Reporter Jeff Gilbert explains that the issue is the profit margin not necessarily the $6.3 billion that GM made in the first half – that’s the best GM has done in 20 years.
Bloomberg reports that Ford Motor Company has a profit margin of 7.5 percent and GM is at 5 percent.
Bloomberg says that GM CEO Dan Akerson has its people looking over every program to cut out waste.
Analysts expect GM to post another profit when the company it posts its third quarter earnings Wednesday.
Despite all of these earnings GM stock price is still below where it launched at in 2010.