Auto Maker Posts Quarterly Profit for First Time in Nearly 3 Years
Contact: Andy Leavitt, 810.625.0861
WASHINGTON, D.C. – Today, General Motors announced that it posted its first quarterly profit in nearly three years. Congressman Dale E. Kildee (D-MI), Co-Chair of the Congressional Automotive Caucus and a native of Flint, MI, the birthplace of G.M., said he is encouraged by G.M.’s strong showing and looks forward to the company creating jobs and economic activity in our communities.
“I was an active supporter of short-term government loans to help G.M. stabilize its operation and maintain jobs in our communities. Since then, G.M. has emerged from bankruptcy as a leaner and more viable company, repaid its government loans in full and made a strong financial showing. Today’s announcement that G.M. has posted its first profit in nearly three years proves that these loans were a good investment and that the company is well on its way back to productivity and profitability. While there is still work to be done to ensure that G.M. once again helps to drive the American economy, this announcement is extremely encouraging news. I will continue to work with the Administration, G.M. and other stakeholders to protect our workers and auto communities and ensure the future success of this American icon,” said Congressman Kildee.
This is the latest in a spate of positive news about the health of the domestic auto industry. On November 16, 2009, G.M. announced that it would start repaying its government loans more than five years ahead of schedule. On January 25, 2010, the company committed to repaying all its loans by June, and then beat its own prediction when it paid the remainder of its loans off in full on April 21 of this year. And on April 27, G.M. announced it would make additional investments in five U.S. plants, including $32 million for the Bay City Powertrain facility to build engine components.