The company said it would focus on more profitable markets.
Will giants like General Motors and Walmart make the same mistake Nokia made? Or will they emulate Tesla and Amazon?
The recovery from the strike “will add to GM’s list of challenges in coming months as pressures build on the car business globally."
“It’s a rich contract for workers. The health care coverage would be the envy of nearly every worker in America.”
The automaker cited a parts shortage due to the strike as the reason for the plant closure.
Experts say hundreds of thousands of U.S. workers could be laid off as the impact of the strike spreads.
“Our results demonstrate the earnings power of our full-size truck franchise, with more upside to come," CEO Mary Barra says.
Several government measures designed in part to bring manufacturing jobs back to the United States are having the opposite effect so far.
The automaker increased sales of pricey pickups by 20% and cut $400 million in costs in Q1, boosting profit despite a 3.4% revenue drop.
Large companies saw three quarters of strong gains for their chronically underfunded plans almost wiped out by the late-year stock market nosedive.
Strong sales of high-margin pickups and small SUVs fueled an earnings beat for GM despite weak demand in China.
The company expects to surpass its 2018 earnings projection and promises higher 2019 earnings.
