GM earnings hit by South Korea charge

General Motors reported a big drop in first-quarter profits Thursday due to costs connected with shuttering a plant in South Korea, but car sales rose in the US and China. The biggest US automaker reported net income dropped by nearly 60 percent to $1.1 billion largely due to one-time costs of $942 million associated with the South Korea facility. Chief financial officer Chuck Stevens told CNBC that GM has seen no slowdown in China despite threats and counter threats between Beijing and Washington.

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