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GM Europe sees smaller than expected loss in Q2

General Motors’ European operations lost £257.4 million in Q2, but the losses were “smaller than expected”.

GM revealed its global Q2 results today which saw net revenue fall from $39.4 billion in the same period last year to $37.6bn.

GM said the downturn in revenue was “almost entirely to the strengthening of the U.S. dollar versus other major currencies”.

Earnings before interest and tax (EBIT) adjusted was $2.1bn, compared with $3bn in the second quarter of 2011.

Dan Akerson, GM chief executive and chairman, said: “Our results in North America, our International Operations and at GM Financial were solid but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America.

“Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade.”

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