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GM reports $1.2B loss, says it shows progress

GM reports $1.2B loss, says it shows progress

(NECN/ABC) - General Motors says it is making a U-turn out of the red, and taking Uncle Sam along for the ride. The automaker reports today that its sales are improving, to the point that it will start repaying billions in taxpayer loans beginning next month. Just months after a $50 billion federal bailout, GM announced it lost $1.2 billion from the time it left bankruptcy protection in July through September 30. Despite the sizable loss, it was much better than expected, according to CEO Fritz Henderson. ABC's Diana Alvear reports.

NECN | November 16, 2009Watch more videos from NECN

Tags:. .alvear. .necn. .automaker. .bankruptcy. .repaying

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