Mexican Media Brands
Opel Warns on 2016 Profit Goal
Opel AG says the uncertainty of the U.K.’s vote to exit the European Union makes it unlikely the company will break even this year, Reuters reports.
#labor #economics
Share
Opel AG says the uncertainty of the U.K.’s vote to exit the European Union makes it unlikely the company will break even this year, Reuters reports.
CEO Karl-Thomas Neumann tells a conference in Berlin that Brexit adds to the negative impact of the company’s withdrawal last year from the Russian market. The two factors make Opel’s path toward breakeven “difficult” this year, he says.
The European operations of General Motors Co., Opel’s parent, posted a pretax profit of $137 million—its first in five years—in the second quarter. But GM cautioned at the time that currency effects and Brexit-related disruptions could cut $400 million from results in the second half of 2016. The company reported a $142 million pretax loss in Europe for July-September.
RELATED CONTENT
-
Tesla Fires Hundreds of Employees It Considers Sub-Par
Tesla Inc. dismissed roughly 400 hourly and salaried employees last week, according to The Mercury News in San Jose, Calif.
-
Skilled-Trade Workers Reject GM Contract, Ratification in Limbo
The United Auto Workers union says its production workers ratified a new four-year labor contract with General Motors Co. by a 58% margin.
-
GM Unit Stresses Driver Training in Autonomous Cars
General Motors Co.’s Cruise Automation unit says it puts backup drivers and auditors through extensive training before allowing them to participate in real-world autonomous vehicle tests.