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GM expects charge from its sale of Opel to reach $5.5 bln
June 26, 2017 / 7:37 PM / 6 months ago

GM expects charge from its sale of Opel to reach $5.5 bln

DETROIT, June 26 (Reuters) - General Motors Co now expects the charge for its sale of Opel to Peugeot SA to reach $5.5 billion versus its previous estimate of $4.5 billion due to additional costs associated with the deal, a top executive said on Monday.

GM’s chief financial officer, Chuck Stevens, also told analysts on a conference call that the No. 1 U.S. automaker expects new vehicle sales to hit a seasonally adjusted annual rate of “low 17 million” units for 2017 and reiterated the company’s target to bring U.S. inventories of its vehicles down to 70 days’ supply by December from 110 days in June. (Reporting by Nick Carey; Editing by Leslie Adler)

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