General Motors Company (NYSE:GM) has lowered its car sales estimates for the current year seemingly underlining a trend of lower volumes reported in data the over the past three months.
The car maker now expects to sell a 'low 17mln' units this year, compared to a record total of 17.55mln units in 2016.
"The market is definitely slowing. It’s something we are going to monitor month to month," Chuck Stevens, CFO told analysts.
General Motors also warned it will take a US$5.5bn charge for the sale of its Vauxhall-Opel marque to Peugeot, some US$1bn more than previously indicated.
The car maker has been in the crosshairs of activist shareholder David Einhorn recently, though a proposal by his Greenlight vehicle to split GM shares into capital and income classes was overwhelmingly defeated at a meeting earlier this month.
Plans for Greenlight nominees to sit on the board were also voted down.