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GM reports record first quarter

Thursday, April 21, 2016 - 01:05

General Motors earnings came in well above analysts forecasts, thanks to continued strength in North America where SUVs and pickup trucks remain hot sellers. Bobbi Rebell reports.

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General Motors out with a big earnings beat. Net income more than doubled to $2 billion. The better-than-expected results boosted by a stronger profit in North America, and improved performance in Europe, where it came back from year ago losses to break even. In fact, North America made up 85 percent of GM's earnings before interest and taxes, reflecting very healthy profits from sport utility vehicles and pickup trucks. The auto maker also confirmed its forecasts for full year income. GM CEO Mary Barra saying: "The continued success of our core business is enabling us to invest in advanced technology and innovations that will help shape the future of personal mobility." General Motors put money into Uber rival Lyft and recently bought the technology behind a former ride sharing service called Sidecar. GM is also buying Cruise Automation, which creates self-driving technology. General Motors stock price rose on the news, moving above it's 2010 $33 IPO price for the first time since early January.

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GM reports record first quarter

Thursday, April 21, 2016 - 01:05