GM affirms profit and cost cutting targets By Reuters

Japan keeps markets guessing on yen intervention, warns against sharp falls

GM affirms profit and cost cutting targets

Published Sep 21, 2016 10:34AM ET

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GM affirms profit and cost cutting targets

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DETROIT (Reuters) - General Motors Co (N:GM) on Wednesday affirmed its forecast for 2016 profit of up to $6.00 per share and said it expected to exceed its cost-savings target of $5.5 billion by 2018 as the automaker unveiled a new effort to convince investors of its value.

GM said it cut costs by $3.1 billion in the first half, "more than offsetting incremental investments" in engineering and technology, including more than $1 billion spent on ride-sharing and vehicle automation.

In a new Strategic and Operational Overview released on Wednesday, GM said that it can make money if U.S. auto sales fall about 40 percent from today’s levels -- an estimated 17.3 million in 2016 -- to about 10.5 million.

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