12:16 pm May 17, 2010, by Henry Unger
It looks like GM is on the comeback trail.
General Motors rode expense cuts from its bankruptcy and strong sales of redesigned models to its first quarterly net income in nearly three years, Associated Press reported Monday.
That draws the company closer to a stock offering that would repay at least part of its government aid, AP wrote.
The $865 million first-quarter profit is a dramatic reversal from the huge $6 billion loss in the same period last year. The last time the company made a quarterly profit was the second quarter of 2007, when it earned $891 million.
The Detroit automaker said it made money because debt and other expenses were slashed by its stay in bankruptcy court — and because of strong new-model sales.
Does that surprise you?
When you’re in the market for a new car, would you give GM another look?
Also, are you confident enough to buy a new car soon, or are you still concerned about the economy?
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