General Motors forecasts a profitable year in hoped to repay its TARP bailout. For More information regarding General Motors or the Latest Stock Market Information, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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General Motors projects it will return to profitability and repay the Tax payers TARP bailout this year. This is another indication of growth in the economy. GM is also bolstered by International sales, which includes China. Technically, GM's financial results were not comparable to earlier periods as they were reported under what is known as "fresh start accounting" associated with the company emerging from bankruptcy in July of last year.
The accounting process is seen as an important first step to GM's plans to put its bankruptcy behind it and once again offer shares to the public. Taxpayers own about a 60% stake in GM and will not be able to get back most of the $50 billion given to the company to see it through bankruptcy until that sale of shares.
Liddell said that a return to profitability will be the key to the timing of GM offering shares to the public. Boudreau estimated GM will probably need at least two or three profitable quarters in a row before its IPO.
"They have a shot at doing it by the end of the year," he said.
Most of the losses continued to be concentrated in GM's home North American market, where it rang up $3.4 billion of losses, while GM Europe lost $814 million in the period. But European losses were largely offset by a $738 million profit from GM International, which represents its operations outside of North America and Europe. That led to a worldwide total loss of about $3.4 billion.
Driven by strong sales gains in China, GM International sold almost as many cars as GM North America and Europe combined during the quarter
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