General Motors posts narrowing losses in United States

General Motors posts narrowing losses in United States

World’s largest automaker General Motors posted improved third-quarter figures as they narrowed losses in the last couple of months.

The company posted a $115 million (£61m) loss for the quarter. This is much better when compared to $1.7 billion loss a year earlier in the same period.

The revenues for the third quarter were at $48.8 billion, up from $47.1 billion during the same period a year ago.

GM Chief executive Rick Wagoner said in a statement that these improved results reflected “significant progress” in the company’s recovery plans. GM had lost as much as $10.6 billion in 2005.

Their rivals in the US market Ford are however failing to show any kind of improvement. The company reported a $5.8 billion quarterly loss earlier this week.