We reported in this blog last week that General Motors was looking to sell its midsize trucks operation and that it found a buyer in Isuzu.Oops.
Well, Isuzu has basically said, “Hey, slow down!” The Japanese truckmaker will not be buying GM’s truck operations after all. Apparently the Japanese commercial truck giant expects that it will have difficulty reaching its full year net profit target.
The company expects to make a net profit of $801.8 million in its current fiscal year that goes to March 31.
Our take? General Motors takes another hit.