Arthur Wheaton, an expert on the automotive industry and senior extension associate at Cornell University’s ILR School, comments on today’s announcement of General Motors $1.5 billion third-quarter earnings exceeding expectations — following Tuesday’s announcement of massive quarterly earnings at Ford.
He says: “Today’s GM announcement is positive news for Detroit and the American auto industry. While Europe continues to bleed euros, U.S. and Asian sales are helping GM and Ford. Chrysler has limited exposure to Europe and is planning on adding a Jeep plant in Ohio. October sales may not be impressive due to Sandy but should be much better than last year. Overall, Detroit has come a long way from 2008.”