GM says regional challenges remain, also plans to continue diesel offensive in spite of VW scandal

#hashtags: #General Motors #Stevens #Brazil #South America

General Motors’ Chief Financial Officer Chuck Stevens said recently during the conference announcing the company’s record third quarter earnings – the best ever – the macroeconomic challenges in certain regions of the world remain unchanged. Particularly Stevens referred to Brazil, which is not forecasted to exit from a recession in the near term, though he added the company owns a “huge upside leverage once the macro situation changes” in South America and its biggest economy. Stevens added the company car sales worldwide in October so far are growing compared to the same period last year. The top executive added that another challenged region – the European operations – are expected to remain on schedule to reach profitability next year – for the first time since 1999. Stevens in the end also referred to the situation encountered in China, where double digit increases have veined and turned into negative performance for a couple of months so far this year. But he said the market in China “has not fallen off a cliff as some observers predicted,” with their local units’ deliveries so far growing in excess of 10 percent. Additionally, during the same event, Gm chief executive officer Mary Barra added the third largest automaker in the world has no intention to curb its expectations or adjust its plans for diesel vehicle introductions in the wake of the massive VW diesel emissions cheat scandal. “Our outlook for diesel remains unchanged. I think it is too early to look and make any judgments on that,” commented Barra during the earnings conference call.