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US car-maker General Motors (GM) has signalled a dramatic turnaround by returning to profit in the second quarter, despite losing its crown as the world’s biggest vehicle manufacturer to Toyota.
The $891 million surplus more than doubled Wall Street expectations and drove its shares up six per cent.
GM, which made a loss of $3.4 billion in the same period a year ago, is shedding more than 30,000 jobs in the US.
The company is struggling to cope with competition from Asian rivals in its core US market.
But Carl-Peter Forster, the GM Europe president, said in his market it made record sales and net profits ($236 million).
