DETROIT (AP) — Despite tumbling U.S. sales and a falling stock price, General Motors CEO Mary Barra says she's sticking with a strategy of cutting low-profit sales to rental car companies and keeping prices strong.
Barra told reporters at the company's annual meeting that GM's share of profitable retail sales to individual buyers is rising and trade-in values for cars and trucks remain strong. She says GM will continue to post strong profit margins, which eventually will influence the stock price.
GM's sales fell 18 percent last month compared with a year ago. Its 15.7 percent market share was the lowest since at least 1980. The company's stock price is down more than 10 percent for the year and is nearly $3 below its initial public offering price from 2010.