Improved cost position in the growing North America market that supports profits and cash flow; Sizable losses in European operations and execution risk of its ongoing repositioning in Europe; Good market shares in China and Brazil, and considerable profits from international operations (including joint venture operations); High profile ignition switch recall in 2014 that has large potential cash costs and could damage General Motors Co.'s (GM's) reputation; Still-high dependence on light trucks and full-size pickups, in particular, for profitability in North America, despite GM's new car introductions; Exposure to persistent industry risks, including volatile demand, high operating leverage, and limited pricing power; and Execution risks associated with the expansion of its finance operations. Strong credit measures that benefit from large
