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Lyft's IPO in March helped GM offset the drop in vehicle sales in the last quarter. Car sales were particularly weak in China, GM's largest market. The number of GM vehicles sold in China fell by 20% over the previous year due to the slowdown in the Chinese economy and the drop in sales in the industry.
In the United States, sales fell 7% in the quarter. Overall sales decreased by 3% in the last quarter.
This resulted in a $ 500 million decline in the company's operating profit. However, the revaluation of GM's Lyft stock and its participation in the European automaker Peugeot SA helped GM to record an increase in its net profit.
GM said it's still waiting to reach its profit and cash flow goals for the entire year.
GM (GM) stock fell nearly 3% on the report.
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