General Motors narrowed its losses and boosted its margins in Europe despite watching its overall net income decline in the face of a sweeping changeover at the company’s truck plant there.
Improvements in Europe and China and the anticipation of better results in North America helped to boost interest in GM shares, even as the U.S. Treasury Department reduces the government’s stake in GM. The U.S. Treasury still owns 18% of GM’s shares so any rise in the price of the shares benefits American taxpayers.
“This was a solid quarter and we are much more of a formidable competitor now than we have been in more than a generation,” Chief Executive Dan Akerson said on a conference call. “We’re a very healthy company that’s getting stronger each quarter.”