General Motors 2Q profit sets record

CHICAGO - General Motors (GM) announced on Thursday that it earned $2.87 billion in profits in the second quarter of this year, more than doubling its earnings in the same period of last year and setting a post-bankruptcy record.


Earnings per share of the US automaker came to $1.81, higher than market analysts' expectations for $1.52 a share, and up significantly from the 67 cents a share earned a year ago.


As a result, GM has raised its earnings per share expectations for the full year to $5.5 to $6 per share, up from the $5.25 to $5.75 range a share given at the beginning of 2016.


The Detroit-based automaker attributed this record result to a strong performance in North America and China and its profitability in Europe for the first time since the second quarter of 2011.


To be specific, GM earned $3.6 billion in pretax profit in North America in the second quarter of this year, raked in $500 million through its joint venture in China, and managed a $137


The article transsshipment from China Daily