(DETROIT) — General Motors earned $1 billion in profit in the first quarter of 2012, beating expectations thanks in part to strong U.S. sales, the company announced Thursday.
GM is still 33.3 percent owned by the U.S. government, down from a 60 percent stake at the time of the bailout in 2009. The company has paid back $24 billion of the $50 billion it received at that time.
“The U.S. economic recovery, record demand for GM vehicles in China and the global growth of the Chevrolet brand helped deliver solid earnings for General Motors,” said Dan Akerson, GM’s chairman and CEO, in a statement.
Last week Chrysler announced bigger-than-expected profits. Ford, meanwhile, had $1.4 billion in profit last quarter, but that was lower than Wall Street expectations.
Copyright 2012 ABC News Radio
Kathryn Vasel, CNN
Alanna Petroff, CNN
Shannon Gupta, CNN