General Motors is reporting a hit on earnings as a result of restructuring and lower North American production levels.
It’s first-quarter net income fell nearly 60% from a year ago to US$1.1 billion.
GM chairperson and chief executive Mary Barra says the figures are expected as factories closed to gear up for a new full-size pickup truck production.
“Results this quarter were in line with our expectations with planned, lower production in North America related to the transition to our all-new Chevrolet Silverado and GMC Sierra.
“We are on plan to deliver another strong year in 2018,” she says.
Income from continuing operations was also impacted by a $942 million pre-tax charge related to Korea restructuring.
The firm has announced its decision to end production at the Gunsan, South Korea plant by the end of May 2018 as a result of “underperforming markets”.
GM executive vice-president and chief financial officer Chuck Stevens says the first quarter results are “on plan” and the firm is “confident” for future growth.
“We remain profitable in all operating segments, including record performance in China and for GM financial,” Stevens says.
HSV announced the New Zealand pricing of the Chevrolet Silverado pickup truck in March starting at NZ$134,990.
