GM reports loss in 2017

(MENAFN) General Motors (GM) saw a net income loss of USD3.864 billion last year, due largely to new tax law and discontinued operations.

According to the US carmaker, the results were driven primarily by a 7.3-billion non-cash charge related to the remeasurement of delayed tax assets due to US tax reform, and a largely non-cash charge of USD6.2 billion resulting from the sale of its long-languishing European division.

GM Chairperson and CEO said: "The actions we took to further strengthen our core business and advance our vision for personal mobility made 2017 a transformative year, we will continue executing our plan and reshaping our company to position it for long-term success."

The company sold 8.9 million vehicles last year all around the world, up 0.8 percent from a year before, and grew market share in each of its three key markets, the US, China and South America.

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