General Motors earned its largest profit ever in 2011, two years after it nearly collapsed. Strong sales in the U.S. and China helped the carmaker turn a profit of $7.6 billion, beating its old record of $6.7 billion in 1997 during the pickup and SUV boom.
At a combative House hearing, Republicans questioned whether the government's partial ownership in the automaker created a conflict of interest for the Obama administration in the Chevrolet probe, which began after a test car caught fire in June, three weeks after a side-impact test.
How old brands become new Apple orchestrated one in consumer electronics. Cadillac in cars. Al Gore in politics. And Tim Tebow in football. Now, Lincoln is trying to stage one of its own for its aging cars.
New car buyers looking for a bargain this summer may have to wait. Dealers usually offer discounts during the warmer months to clear out older models, but cars are in short supply this year because of the Japan earthquake and other factors.
In a report from the president's National Economic Council, officials said that figure is down from the 60 percent the Treasury Department originally estimated the government would lose following its $80 billion bailout of Chrysler and General Motors in 2009.
General Motors is almost certain to claim the title of world's biggest automaker this year, retaking the top spot from Toyota, which has been hurt by production problems since the Japanese earthquake and still can't escape the shadow of major safety recalls.
Sharon Silke Carty and Tom Krisher
, April 23, 2011
Investor demand for General Motors stock has been so strong that the company will expand its initial public offering by 31 percent, to 478 million common shares, a person briefed on the sale said Tuesday.
The automaker will wind up with about 5,000 U.S. dealers in July, up from original plans for 4,100, Mark Reuss, GM's North America president, told The Associated Press. It had about 6,000 when it filed for bankruptcy last year.
Slightly more Americans now say the United States makes better-quality vehicles than Asia does, with 38 percent saying U.S. cars are best and 33 percent preferring autos made by Asian companies, according to an Associated Press-GfK Poll.
View your ad here! Cost effective targeted advertising. Contextual advertising starting as low as $79/month. This includes targeted ad delivery and search results! Add your business to the Marketplace »