General Motors Co. re-affirmed its earlier forecast, calling for the company to make up to $6 per share and said it expects to exceed its cost-savings target of $5.5 billion, which will be more than enough to offset increased spending on new technology and ride-sharing.
The optimistic outlook was in sharp contrast from its crosstown rival Ford Motor Co., which reduced its profit forecast for the second half. Ford expects slower sales as well as higher costs for incentives and the launch of new vehicles and other initiatives.
GM also released a new report aimed providing additional insights about the company for the investment community. (more…)