17 Nov 2009

GM posts loss, but vows to repay government aid

11:17 am on 17 November 2009

The American car company, General Motors, has reported a loss of $US1.2 billion since emerging from bankruptcy, but says improving market conditions will allow it to repay state aid ahead of schedule.

The leading US automaker, which needed massive government aid to avert collapse earlier this year, says it is making progress toward reviving its fortunes, although it may suffer more losses in the coming months.

GM says it will step up repayments of bailout aid to the US and Canadian governments and pay off all German government assistance by the end of the month.

GM owes $US8 billion dollars to the United States and Canada.