General Motors beginning to turn round after dismal spell

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But, says the bailed-out carmaking giant, GM is beginning to turn round.

In the three months from the beginning of July, when it left bankruptcy protection having been rescued by President Barack Obama, GM said it made losses of $1.2 billion.

However, a spurt in revenues aided by the US "cash for clunkers" subsidised car-scrappage scheme, led GM to reveal it will pay a large portion of its government loans back next month and pay off the lot by 2011 — four years early.

"We have significantly more work to do but today's results provide evidence of the solid foundation we are building for the new GM," said chief executive Fritz Henderson.

GM which has scrapped plans to sell its Vauxhall operations at Luton and on Merseyside as well as keep its massive Opel operations on the continent, is reckoned to be responsible for one-in-nine motors sold around the world.

Third-quarter results reveal the company had three month cash inflows of $3.3 billion compared to $10 billion cash burn in the first quarter of the year. In the third quarter total revenues came in at $26.4 billion. That compares with the $22.4 billion brought in in the first quarter of year.

GM's losses in that first quarter came in at $6 billion. It said it plans to repay $1.2 billion of its $6.7 billion government loans in December.