In the third quarter of 2009, the first of the New GM, the numbers show revenue of $28 billion, way up from the $4.9 billion of the Old GM in the second quarter of 2009.
GM 'blames" the improvement on the seasonally adjusted annual rate (SAAR) of 67.8 million units in the third quarter, compared to 62.7 million units in the second quarter 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. 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,” Fritz Henderson, GM CEO said in a release.
For the future, GM's outlook is not so great. The conclusion of the CARS program will take its toll in the fourth quarter of 2009, with GM anticipating SAAR volume of 10.7 million units, compared to 11.7 million units in the third quarter.
At the end of September, GM had a $17 billion debt, including $6.7 billion in U.S. government loans, $1.4 billion in Canadian government loans, $1.3 billion in German government loans and $7.6 billion in other debt globally. The debt does not include $12.2 billion in UAW or CAW VEBA notes or preferred stock.
As for the long-discussed repayment of the government loans, the carmaker says it make its first 1.2 billion payment in December ($1.0 billion to the UST and $192 million to the EDC), followed by quarterly payments.
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