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GM Reports $1.1 Billion Net Profit in Second Quarter of 2015

Motor Trend logo Motor Trend 7/23/2015 Erick Ayapana

General Motors today released its financial report for the second quarter of 2015. Thanks to strong sales in North America and China, GM posted a net income of $1.1 billion for the quarter, a significant increase from the $200 million it made during the same period last year.

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“The first two quarters of the year were strong as we fully capitalized on a robust North American industry and maintained our strength in China, despite the challenging conditions in that market,” GM CEO Mary Barra said in statement. “We said our goal was to improve our earnings and margins this year, and we are on-plan.” MotorTrend Image© Provided by MotorTrend MotorTrend Image

GM attributes its favorable performance in North America to strong sales of midsize pickup trucks like the Chevrolet Colorado. The Chevrolet Cruze compact sedan and the Trax subcompact crossover also did well.

Meanwhile, GM continues to perform strongly in China. GM’s Chinese brand Baojun, for example, recently launched the 560 crossover in addition to the Buick Verano sedan. The Buick Envision and Cadillac brand also continue to grow in the country.

The company’s net revenue for the quarter was $38.2 billion and was impacted by a number of factors. GM spent $100 million on its ongoing ignition switch compensation program, while $600 million was lost due to the currency devaluation in Venezuela.

Source: GM

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