General Motors not planning to give Peugeot additional funding this year

http://www.guardian.co.uk/business/2013/feb/14/general-motors-not-increasing-peugeot-funding

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General Motors is "not betting on" a rise in European car demand this year and has no plans to provide additional funds to Peugeot, its struggling partner in the region, GM's chief financial officer said on Thursday.

"We have no intention of putting more cash into Peugeot," GM's Dan Ammann told reporters during a briefing for the largest US carmaker's fourth-quarter results.

GM reported a weaker-than-expected profit, citing wider losses in Europe and lower vehicle prices in its core North American market.

It also took an accounting change in the quarter intended to signal confidence that it will continue to be profitable in coming years.

GM posted a profit of 48 cents per share before one-time items.

Losses in Europe totalled $699m (£450m) in the quarter and $1.8bn for all of 2012, more than doubling from 2011, reflecting the rapid deterioration of vehicle demand and economic conditions in the region. It was the 13th straight year of losses in Europe.