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GM to start loan repayments early GM to start loan repayments early
(about 2 hours later)
The US carmaker General Motors (GM) has said it will start paying back its government loans earlier than expected.The US carmaker General Motors (GM) has said it will start paying back its government loans earlier than expected.
It will make its first payment of $1.2bn (£717m) to the US government in December. GM had not been required to begin repaying the loan until 2015.It will make its first payment of $1.2bn (£717m) to the US government in December. GM had not been required to begin repaying the loan until 2015.
The news came as it reported a loss of $1.2bn from 10 July, when it emerged from bankruptcy, to 30 September.The news came as it reported a loss of $1.2bn from 10 July, when it emerged from bankruptcy, to 30 September.
GM chief Fritz Henderson said the firm still had work to do but the results were evidence of a "solid foundation".GM chief Fritz Henderson said the firm still had work to do but the results were evidence of a "solid foundation".
He pointed out that GM had a healthier balance sheet with lower debt levels. He pointed out that GM had a healthier balance sheet with lower debt levels. Revenues for the period were $28bn.
GM owes the US government $6.7bn and the Canadian government $1.4bn. Canada will also receive its first payment in December.GM owes the US government $6.7bn and the Canadian government $1.4bn. Canada will also receive its first payment in December.
'Modest growth'
In addition, Germany will be repaid the outstanding 400m euros (£358m) that it lent in support of GM's European business Opel.In addition, Germany will be repaid the outstanding 400m euros (£358m) that it lent in support of GM's European business Opel.
GM changed its mind over the sale of Opel earlier this month. It had been planning to sell it to a group led by the Canadian car parts maker Magna, but decided instead to retain ownership.GM changed its mind over the sale of Opel earlier this month. It had been planning to sell it to a group led by the Canadian car parts maker Magna, but decided instead to retain ownership.
'Modest growth'
Sales in the US were boosted by the government-sponsored "cash for clunkers" incentive scheme.Sales in the US were boosted by the government-sponsored "cash for clunkers" incentive scheme.
GM said the market in China was proving to be a particularly strong contributor to its results. It is predicting "modest growth" in the global car industry in 2010.GM said the market in China was proving to be a particularly strong contributor to its results. It is predicting "modest growth" in the global car industry in 2010.
In a conference call, Mr Henderson said GM, which is 61%-owned by the US tax payer, was preparing for a share offering in the second half of next year. Sales in China have been picking up
Revamp
In a conference call, Mr Henderson said GM was preparing for a share offering in the second half of next year.
Before GM went into bankruptcy protection in March it had lost $88bn since 2004 after car sales plummeted around the world.
The Obama administration lent the car company money to keep afloat on the condition it took drastic action to turn the company around. The chief executive at the time, Rick Wagoner, was asked to resign.
GM emerged from bankruptcy with the US government owning 61%, and stakes also held by the United Auto Workers union, the Canadian government and GM bondholders.
The global economic slowdown hit just as Japan's car makers were taking market share from US firms. Toyota overtook GM as the world's biggest car maker by sales in 2007.