May 17, 2010 10:16 AM by Bea Karnes, News First 5
General Motors says it rode cost cuts and strong sales of new models to its first quarterly profit in nearly three years.
The Detroit automaker says it earned $865 million from January through March, a strong sign GM has reversed course from staggering losses that nearly caused its death. During the same quarter last year, GM lost $6 billion.
The U.S. government loaned GM about $50 billion to stay in business. GM has repaid $6.7 billion and hopes to pay back the rest with a stock sale.
The government now owns 61 percent of the company.