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GM takes $7 bn charge due to US tax reform, sees solid 2018 Toronto

Published date: June 21, 2018
  • Location: M2j 3t7, Toronto, ON, United States

The 2019 Chevrolet Silverado is unveiled during the 2018 North American International Auto Show (NAIAS) in Detroit, one of several model launches expected to drive continued solid sales by General Motors.

General Motors projected another solid year in 2018 as it ramps up investment in autonomous technology, in releasing its earnings report on Tuesday.

The automaker also became the latest big company to announce a hefty charge due to the US tax reform.

The biggest US automaker, which has been riding high in recent years thanks to robust sales in China and its home market, said 2018 results would be "largely in line" with earnings last year, which are expected to set records in some earnings benchmarks watched by Wall Street.

But annual net income will be hit by a $7 billion charge in the fourth quarter due to the accounting of tax-deferred louisvuittonbagsoutlets2014 assets.

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