GM posts second successive quarter of profits; strong growth in US division; Euro losses decrease
12 August 2010

General Motors has recorded a $1.3 billion (£835 million) profit in the second quarter of 2010.

It is the second successive quarter of profitability at GM; its first-quarter profits were $865m (£555m).

Read more on GM's first quarter profits

GM’s North American division posted a $1.6bn (£1.03bn) profit in the quarter before taxes and interest – a $400m (£250m) increase over the previous quarter – while pre-tax and interest losses were reduced in GM’s European division from $300m (£190m) to $200m (£130m) in the second quarter.

GM’s International Operations recorded a before taxes and interest profit of $700m (£450m), down from the $1.2bn (£770m) profit in the previous quarter.

Chris Liddell, GM’s vice chairman and chief financial officer, said, “I am pleased with our progress on achieving our business objectives. We have delivered strong product, maintained cost discipline, progressed strategic initiatives, such as restructuring Europe and acquiring AmeriCredit, and delivered two consecutive quarters of profitability and positive cash flow.”

Join the debate

Comments
2

13 August 2010

Of course they made a significant profit, their debts have been wiped off their balance sheet. I also read on the internet about a month ago that the US government is buying loads of GM vehicles (the impala) to sure up profits and use rhetoric to fool the US taxpayer into thinking it was a good investment.

Just to put the US car giants debt into perspective, on bloomberg the other day they had an article stating that for every car Ford (didn't get a bailout) builds, over $300 goes towards interest payments for their corporate debts.

Furthermore GM has just bought Americredit a firm that will allow it to sell cars to sub prime borrowers again.....Will they never learn! Its just a big cycle that will lead to the same old problems and as long as they know the government is their to save them they will continue.

13 August 2010

Codandchipsthrice ain't gonna like this.

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Jaguar XF Sportbrake TDV6
    First Drive
    19 October 2017
    The handsome Jaguar XF Sportbrake exhibits all the hallmarks that makes the saloon great, and with the silky smooth diesel V6 makes it a compelling choice
  • Volkswagen T-Roc TDI
    First Drive
    19 October 2017
    Volkswagen's new compact crossover has the looks, the engineering and the build quality to be a resounding success, but not with this diesel engine
  • BMW M550i
    First Drive
    19 October 2017
    The all-paw M550i is a fast, effortless mile-muncher, but there's a reason why it won't be sold in the UK
  • Volvo V90
    First Drive
    19 October 2017
    The Volvo V90 is a big estate ploughing its own furrow. We’re about to see if it is refreshing or misguided
  • Kia Stonic
    First Drive
    18 October 2017
    Handsome entrant into the bulging small crossover market has a strong engine and agile handling, but isn’t as comfortable or complete as rivals