How Detroit is being dragged down by the ills of Europe
Big Three Bracing For Bad News From Overseas
Folks in Detroit could be in for some bad news in a few weeks, and that has nothing to do with who they’re planning to vote for in the upcoming election.
In fact, General Motors and Ford will be rolling out their third-quarter earnings just in time for the presidential balloting, and while the U.S. economy has buoyed the industry at a level few might have expected at the start of 2012, the latest quarterly numbers will be hard hit by events on the other side of the Atlantic.
Between them, General Motors and Ford are likely to lose in excess of $500 million – some analysts put the red ink closer to $1 billion – for the July-September quarter. And for the full year, the domestics could run up a deficit closer to $4 billion if you include Fiat SpA, the Italian partner of Chrysler, according to analysts’ consensus estimates.
How Detroit is being dragged down by the ills of Europe originally appeared on Autoblog on Thu, 04 Oct 2012 19:03:00 EST. Please see our terms for use of feeds.