Holy Crap, GM Made Money

GM announced today that it made $865 million in the first quarter, its first profit since 2007. Revenue was up 40%, and the NYT says that GM is on track to being a public company again as soon as the 4th quarter.

From the NYT:

“We’re pleased with our first quarter performance, in particular achieving profitability,” Christopher P. Liddell, the chief financial officer, said in a statement. “In North America we are adding production to keep up with strong demand for new products in our four brands. We’re also steadily growing in emerging markets, keeping our costs under control, generating positive cash flow and maintaining a strong balance sheet.”

GM is also apparently considering reentering the auto finance business. Its former lending operation, G.M.A.C., is now known as Ally and also does financing for Chrysler.

G.M. Posts Its First Profit in 3 Years as Sales Rise 40 Percent [NYT]