GM's record results fail to end investors' unease over sector

Southfield

GENERAL Motors Co posted third-quarter profit and sales that set records and beat analysts' estimates - and still underwhelmed investors who have a nagging feeling that the industry's heydays are over.

GM shares dropped the most since Aug 2, largely on the same concern that has vexed carmakers throughout 2016: that industry-wide US sales are about to plateau after a record six years of gains. In addition, GM said Brexit-related issues are undermining its plan to break even in Europe this year. The stock fell 4.2 per cent to US$31.60 at the close in New York.