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GM predicts modest profit growth in 2013
DETROIT (AP) - General Motors says it expects only a modest increase in pretax profits this year, as it rolls out many new cars and trucks worldwide.
The company also expects global auto sales to grow modestly this year, driven by the U.S. and China.
The company told investors at a Deutsche Bank industry conference in Detroit that its pretax profit margin in North America should rise from 8 to 10 percent in the next three or four years. Profit margin is a measure of how much the company earned after costs of doing business.
GM posted nearly $4 billion in net income during the first nine months of last year, including almost $1.5 billion in the third quarter. The company will announce fourth-quarter and full-year earnings in a few weeks.