Economy

GM Back From Dead, Posts $865 Mln, 1st Qtr Profit

Perhaps GM should name its next new car the Lazarus after the New Testament figure who rose from the dead. Or the Phoenix after the bird of legend that rose from the ashes.

Because GM has done essentially that. It wasn't quite dead but less than two years there were some voices who doubted if the company could survive.

But after a nearly $7 billion loan from U.S. taxpayers and reorganizing in bankruptcy, the carmaker reported a first quarter 2010 profit of $865 million. It was the automaker's first profit since 2007.

An excerpt from GM's press release:

"We're pleased with our first quarter performance, in particular achieving profitability," said Chris Liddell, vice chairman and chief financial officer. "In North America we are adding production to keep up with strong demand for new products in our four brands. We're also steadily growing in emerging markets, keeping our costs under control, generating positive cash flow and maintaining a strong balance sheet. These are all important steps as we lay the foundation for a successful GM."

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