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November 29, 2005

US: GM November results likely to be down

General Motors reportedly is set for disappointing November sales and profitability.

General Motors reportedly is set for disappointing November sales and profitability.

The Philadelphia Inquirer said that GM will feel intense pressure to speed up or expand the job cuts and plant closings it announced last week.

Just-auto reported on 10 November that GM plans to restate its 2001 earnings due to an accounting error leading the company to an overstatement of up to 35%.

GM, Ford and Chrysler all launched new incentive packages in mid-November to lure customers into dealerships.

Their strategies worked, but not enough to counter other factors like jittery consumers and the hangover effect from a summer of near-record sales, industry analysts say.

Analyst John Casesa said in the Inquirer report: “It seems that November got off to an excruciatingly slow start, with new incentives programmes from Ford and GM just now beginning to boost showroom traffic.”

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