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GM Earns $1.48 Billion (10/31/12)

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  1. best seller5:13
  2. General Motors0:21, 1:42
  3. Mitt Romney2:38
  4. auto races4:44
  5. President Obama2:55
  6. GM1:05, 2:21, 2:29
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  8. auto maker0:32, 4:49
  9. Greg Martin3:05
  10. Mercedes-Benz5:34

Wed, 31 Oct 2012|

Q3 profit falls as Europe losses mount; GM on Romney attack ad; Marchionne's grand plan to beat VW?; Snyder on storm, sales.

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Automatically Generated Transcript (may not be 100% accurate)

It's October 31. Thanks for joining hands and Jennifer fine. The homestretch. -- senator explains in today's October US sales preview. Here now your daily headlines. General Motors third quarter net profit slid 14%. Hurt by a wider losses in year out and costs in North America. That -- right auto maker reported net income of one point 48 billion dollars for the July to September period. It's down from more than one point seven billion a year earlier. The company's that it stronger volumes and prices in North America and Asia. Were all -- to buy a shift in production to smaller cars which are less profitable. The company also said it expects to lose at least one point five billion dollars in Europe for the full year. GM has lost more than seventeen million dollars in their region since 1999. CFO -- AM Wednesday in a statement quote. While we have a lot of work to do you especially Europe. It is encouraging to see our results begin to reflect that this plane we here bringing to bear on the overall business. Don't read anything into happy at coffee at the bar. That quotes from Christ's -- CEO search mark you don't mean. He was -- by Bloomberg reports -- approached General Motors in its French partner PS papers shows that your way. About uniting with he Iraq the goal. Eight European company patient and that would LeapFrog -- -- in as the region's largest automaker. Sources tell Bloomberg marking Tony offer to take Opel as part of the deal. If he got why billion to seven billion dollars to structure the unit. Together Fiat Peugeot and mobile. Account for 25%. Of their regions on the sales topping VW's 24 point 8% share. No comment from GM and tell you can the full story -- web site at -- news.com. And GM and Chrysler are united in one way at least. But issuing strong responses -- ads by Republican presidential candidate Mitt Romney. As the Detroit Free Press reports. In -- radio spots -- imply is that she and the used US aid to hire more workers in China that the US. Here's the portion of that add as around and you too. Under President Obama GM cut 151000. American jobs. Put their planning to double the number of cars built in China. GM spokesman Greg Martin told the free press quotes we entered some parallel universe during these last few days. No amount of campaign politics and it's critical worst we'll diminish our record of creating jobs in the US. And repatriating profits back to this country. Separately marking only sent a letter to Chrysler workers I assure you that and that cheap isn't moving US production to China. As we told you yesterday that's the implication in in a Romney TV ad airing in Ohio. Tomorrow is sales days are Jesse Snyder asked at the wind will blow us and Cindy into the wheels of progress. Jennifer hurricane -- couldn't have been less opportune for auto dealers picking the last three selling days of the month. To kick up a raucous along the Atlantic seaboard from Maine to the Carolinas. And inland as far as Ohio or Michigan. Last week most analysts figured October would be almost as -- September which had the best selling rates since early 2008. October forecast for mostly fourteen Nader 149 million. But this week a bit more cautious. LMC automotive -- cutting. It's typical saying sandy will reduce October -- to fourteen point six or fourteen point seven from his earlier forecast of fourteen point eight million. That would still be the second best month of the year and up from thirteen point three million a year ago. October results also means were entering the home stretch of 2012. And we have some close auto races I C three noteworthy ones. Top global auto maker. The first nine months post -- to go to -- at seven point four million sales with both GM and Volkswagen group just under seven million. Ordinarily that's a pretty big lead this late but how much will anti Japan riots -- Toyota in China. Two top US sprint. Through nine months Ford seems fairly safe to repeat as the best seller. But Toyota is pressuring number two Chevrolet. A year ago Toyota trailed Chevy by a third of a million now just 75000. Finally top US luxury brand. Lexus was king and -- for eleven years before BMW replaced them last year this year. BMW is trailing fellow German brand Mercedes-Benz. After nine months Mercedes and those sprinters included. Leads by just 5000 units. Bottom line. Nobody can fight a hurricane but lost October sales return in November. Against competitors in a close race auto makers can control our own fate. They just have to decide if they wanna pay for it. Jennifer. Thanks Jesse remember we'll have all the auto makers tallied on the website as soon as they are out tomorrow. Will leave you now with a first shift freeze frame. The first compressed natural gas version of the -- 2500 pickup truck. Rolled up aligning yesterday at a plant in Tokyo Mexico. As we recently told you Chrysler group is making it means you ram of billable through retail buyers. The truck was initially only full fleet. That is -- time for now have a happy and safe Halloween take care.

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