GM Recovery Mode...Sign of Progress?

[Julai]

General Motors Reports $1.2B 3Q Loss, Says Sign of Progress

DETROIT —  General Motors Co. says 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 says it will begin repaying $6.7 billion in U.S. government loans with a $1.2 billion payment in December. It could pay off the full amount by 2011, four years ahead of schedule, but the money will come from funds loaned by the government.

Also, GM's global presence helped the company, particularly in China, where its sales of 478,000 in the third quarter increased 6 percent over the second quarter.