Friday, Jun 24, 2016
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Automotive

GM net income falls 19%, Asia is blamed

DETROIT — General Motors Co., the nation’s largest automaker, reported that its net income fell 19 percent in the second quarter, mostly because of a sharp drop in pretax profits in Asia.

GM said it earned $1.2 billion in the quarter, compared with $1.49 billion in the same period a year ago, although it narrowed its losses considerably in Europe, where weak economic conditions have driven new-car sales to their lowest levels since the 1990s.

The company said that its global revenue was up 4 percent to $39 billion, and that worldwide vehicle sales, including joint ventures, increased 4 percent to $2.49 million.

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