General Motors has released its first financial statement since emerging from bankruptcy as a new company on July 10, 2009. GM’s finances remain in the red, but the company says it is on track for a positive turnaround and will begin loan repayments ahead of schedule.
According to GM’s latest financial statement, the company posted a $1.2 billion loss during the third-quarter. However, GM also posted revenue of $28 billion during the quarter, up from $4.9 billion in Q2 of 2009.
“We have significantly more work to do, but today’s results provide evidence of the solid foundation we’re building for the new GM,” GM CEO Fritz Henderson said in a statement. “With a healthier balance sheet and a competitive cost structure, our focus is on driving top line performance. We’ll achieve that by winning customers over, one at a time, with vehicles that deliver performance and value.”
For the quarter, GM’s global market share was up 0.3 percent to 11.9 percent, thanks to strong demand in China, India, Brazil and Russia. GM’s U.S. market share remained flat at 19.5 percent.
GM plans to begin repaying its government-issued loans on December 31.
