American multinational group General Motors has announced plans to boost profits in Europe for the 2016 fiscal year.
The automaker, along with many other companies in its field of industry, has experienced losses in revenue and expansion. Many of these woes are the result of recall charges, holding the company's accountability liable.
"We understand we have to earn customers for life. We have work to do and we want to grow our brands so they inspire passion and loyalty," GM CEO Mary Barra told reporters, according to Detroit News.
"We absolutely have to be on the leading edge of transforming breakthrough technologies into not only vehicles, but experiences that customers love."
Following the company's announcement, its stock subsequently rose, giving investors hope that GM's 2016 profit plans in Europe will shadow over previous recall charges. The automaker also mentioned that cost savings and reduced expenses, along with improved sales and profits from new vehicle models, will boost adjusted earnings by $1.5 billion, the Detroit News also reports.
Competitor Ford Motor Co. is expected to make similar plans after it announced its inability to meet financial goals for the 2014 fiscal year.
General Motors has not announced specific countries involved in its 2016 Europe profit plan.
