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GM makes first profit since 2007
Tuesday, May 18, 2010
General Motors has made its first quarterly profit since 2007.
The company said its $865m (£600m) profit in the first three months of 2010 was a result of dramatic cost-cutting and strong sales. In the same period last year the company lost $6bn (£4.1bn).
GM has closed 14 factories and shed more than 65,000 jobs in the US since it filed for bankruptcy protection last year, It has also sold or dropped the unprofitable Hummer, Saab and Saturn brands.
GM came out of bankruptcy protection in July 2009, and announced last month that it had repaid the $8.1bn (£5.6bn) in loans it had received from the US and Canadian governments.
However, it still owes $45.3bn (£31.4bn) to the US and $8.1bn (£5.6bn) to Canada. It received this money when the governments of each nation took significant stakes in the company.
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