Carmakers in U.S. Are Running Once Again ; Gm Paid Off Debt; Ford Still Climbing
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Summary
Almost a year after bankruptcies battered the U.S. auto industry, Detroit's carmakers are up and running again, faster than government officials and analysts anticipated.
General Motors paid off the last $4.7 billion in U.S. loans Wednesday, Chrysler Group posted a first-quarter operating profit of $143 million and shares of Ford, the only one of the trio to avoid Chapter 11, closed at the highest since January 2005.See the full content of this document
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Carmakers in U.S. Are Running Once Again ; Gm Paid Off Debt; Ford Still Climbing
"All three are much improved, and it's not fair to give all the credit to bankruptcy," said Brian Johnson, a Barclays Capital analyst. "In the desperate days of late 2008, they began making production cuts and product-line improvements. They've been remarkably restrained in incentives."
So-called quick-rinse bankruptcies cleansed GM and Chrysler of obligations with "un...See the full content of this document
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