According to an article on The Detroit News, Europe’s woes push GM profits lower.
General Motors Co. said Thursday its 2012 profits fell to $4.86 billion from a record $7.59billion profit in 2011, mainly on one-time tax accounting changes and weakness in Europe, which the company expects will continue this year.
But the Detroit automaker, which posted its third consecutive yearly profit, repeated its prediction that results will fare slightly better in Europe this year and it’s still targeting a break-even point by mid-decade.
