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GM posts quarterly loss due to weakening euro

  • US car giant General Motors (GM) has reported a drop in profits due to weak sales in Europe as the debt crisis continues to weigh on the euro.

    GM said net income for the three months to June was $1.5 billion, down from $2.5 billion the previous year.

    Meanwhile, net revenue decreased to $37.6 billion compared to $39.4 billion in the same period last year.

    In Europe, GM, which owns Vauxhall and Opel, made a loss before interest and tax of $400 million. That compares to a profit of $100 million in the same period last year.