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GM Rebuffs China Criticism

Detroit maker investing $16 billion in U.S.

by on May.07, 2013

General Motors is investing $16 billion into its U.S. business, including plant improvements.

Stung by jibes from the Wall Street Journal’s editorial page, General Motors Co. is planning to invest about $16 billion on U.S. factories and facilities through 2016, more than it will spend in China, the company said.

Last month, GM Chief Executive Dan Akerson said on the eve of the Shanghai Auto Show that planned to invest $11 billion investment for its joint ventures in China. That was an increase from a 2011 outline to spend $7 billion through 2015.

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The Journal last week ran a commentary on its op-ed page titled, “Welcome to General Tso’s Motors,” saying China “is disproportionately benefiting” from the 2009 U.S.-backed bankruptcy reorganization of Detroit-based GM. The Journal’s editorial page previously has criticized the bailout. GM responded to the criticism in a letter to the newspaper.

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GM Earnings Drop 14 Percent

Detroit-based maker earned $865 million in Q1.

by on May.02, 2013

GM reported net income of $865 million on sales of vehicles like the 2013 Impala.

General Motors Co. reported its net income dropped 14% in the first quarter as special items ate into the company’s net income.

GM said first quarter net income attributable to common stockholders of $865 million, or 58 cents per fully diluted share. These results include a net loss from special items that reduced net income by $0.2 billion, or $0.09 per fully diluted share.

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In the first quarter of 2012, GM’s net income attributable to common stockholders was $1 billion, or 60 cents per share, including a net loss from special items of $0.6 billion or 33 cents per share.

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