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GM will cut costs in Europe to offset any Brexit expenses - CFO

Reuters

DETROIT (Reuters) - General Motors Co (GM.N) Chief Financial Officer Chuck Stevens said on Thursday that "everything is on the table" regarding where the company may cut costs in Europe to offset an expense of up to $400 million (£303.5 million) in the second half of 2016 due to Britain's vote to exit the European Union.

Stevens also told reporters that the company's acquisition price for Cruise Automation, made as GM strives to develop self-driving vehicles, was $581 million, split evenly between cash and stock. Stevens said future expenses include bonuses based on performance goals for key Cruise employees.

Earlier Thursday, GM reported record profits that handily beat analysts' expectations.

(Reporting by Bernie Woodall; Editing by Jeffrey Benkoe)