The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015.   REUTERS/Rebecca Cook/File Photo

The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo (Copyright Reuters 2016)

GM affirms 2016 profit target of up to $6.00 per share

Markets Reuters

General Motors Co on Wednesday affirmed its forecast for 2016 profit of up to $6.00 per share and said it expected to exceed its cost-savings target of $5.5 billion by 2018 as the automaker unveiled a new effort to convince investors of its value.

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GM said it cut costs by $3.1 billion in the first half, "more than offsetting incremental investments" in engineering and technology, including more than $1 billion spent on ride-sharing and vehicle automation.

(Reporting by Paul Lienert in Detroit; Editing by Lisa Von Ahn)