GM bounces back to third quarter profits

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US car making giant General Motors has bounced-back to third quarter profitability, fuelled by a rise in sales both in the US and overseas.

The car manufacturer made a net profit of $2bn in the 3 months to 30 September, compared with a loss a year earlier while revenues at the firm, which last week unveiled plans for a $13bn share sale, totalled $34.1bn.

GM’s third quarter profit was higher than rival Ford’s $1.7bn and it has now reported 3 consecutive profitable financial quarters, as GM continues to turn around its fortunes.

Last year, GM needed $50bn in government assistance as it went through bankruptcy protection, and Washington still holds a 60.8% stake.

However, GM has so far repaid the government $9.5bn, and aims to pay back more through a forthcoming share issue.

For its latest quarter, GM made a strong profit in all of its global regions except Europe, suffering a $559m loss on its Opel and Vauxhall operations.

Vice chairman Chris Liddel said the firm was continuing to make “significant progress”.