Only in a government run business can a 1.2 BILLION dollar loss be considered good news. This reminds me of the crop reports that we used to hear about coming from the old Soviet Union.
I also can't help but notice that the biggest sellers were also the biggest gas users.GM reports $1.2B loss, says it shows progress
DETROIT – General Motors Co. said Monday it lost $1.2 billion from the time it left bankruptcy protection through Sept. 30, far better than it has reported in previous quarters and a sign that the auto giant is starting to turn around its business.
The company also said it will begin repaying $6.7 billion in U.S. government loans with a $1.2 billion payment in December. It plans to repay the debt over the next eight quarters, but could pay it back as early as next year. But the money will come from funds loaned by the government.
GM said its improved performance was fueled by new products including the Chevrolet Camaro muscle car, and the Chevrolet Equinox and GMC Terrain midsize crossover vehicles. The company's top sellers through October were the Chevrolet Silverado pickup truck and Impala full-size car.
Oh, and they're going to pay back the government loan with government loaned money. Can anyone explain to me how that will work?????
Just thought I'd mention it.
