GM Shares Sharply Down as Western Europe Drags (at The Wall Street Journal Online)

Sinking consumer confidence in Western Europe is undercutting the gains General Motors Corp. racked up in Eastern Europe's emerging markets earlier in the year, leading the U.S. auto maker to report a 1.9% drop in overall European sales for the first nine months of the year. GM, which is battling Toyota Motor Corp. for the leading share of global auto sales, faces increasing pressure in Western Europe, where a weakening economy and high fuel and raw-materials prices are depressing demand. GM earlier this week said it will pare production of Opel vehicles built in the region. The cutbacks could cause the company to burn through more cash than planned as it incurs expenses even as productivity decreases. GM Europe's performance adds pressure for the auto maker at a time when concerns about a miserable U.S. economy and dwindling... [read full story]