GM REPORTS GOOD PROFITS POST-BANKRUPTCY

The new General Motors has made a profit for the calendar year 2010. GM returned sterling results of US$4.7 billion (R33.2 billion) since it came back from bankruptcy and realigned itself under new majority shareholder the US government. Revenues for the same period were US$135.6 billion (R958.4 billion).

“Last year was one of foundation building,” said Dan Akerson, chairman and chief executive officer. “Particularly pleasing was that we demonstrated GM’s ability to achieve sustainable profitability near the bottom of the U.S. industry cycle, with four consecutive profitable quarters.”

Products that helped the company lift itself off the dark side of profit include GMC trucks and the Chevrolet Cruze. New hit cars are expected to include the likes of Volt.