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Mon November 16, 2009
GM announces 3Q loss
By Jerome Vaughn, Michigan Public Radio Network
DETROIT, MI – General Motors is reporting a loss of $1.2 billion for the summer months.
The loss occurred between the time the "new GM" was created in early July - and the normal end of the quarter on September 30th.
The old GM lost $2.5 billion in the third quarter of 2008.
CEO Fritz Henderson says the results do indicate some progress.
"Not satisfactory," he says. "I mean, certainly much lower than what it has been - although it's not necessarily comparable. And certainly better than our plan going into bankruptcy. But nonetheless it's a loss and you cannot be satisfied with it."
GM says demand for its newer vehicles here in the U.S. and strong sales in China helped the company's bottom line.
The Detroit automaker also says it will begin the process of repaying billions of dollars worth of federal loans next month.