GM's Akerson says solid 3rd quarter "not good enough"

Nov 9, 2011

General Motors made $1.7 billion in the third quarter of this year.

That's down from $2 billion in the same period of 2010.

Financial turmoil in Europe contributed to GM's continued losses in Europe, although GM did cut those losses in half compared to last year, to $300 million.

GM is also not doing particularly well in South America.  The company broke even in that region.  GM officials say that's due to increased competition in the region and an aging lineup there.

GM's performance in North America was good.  Profits rose to $2.2 billion, from $2.1 billion in the third quarter of last year.

GM CEO Dan Akerson said the company delivered solid results, but "solid isn't good enough." 

Akerson said the company needs to do more to increase the company's profitability in all regions of the world, in good times, and bad. 

During a conference call with analysts, Akerson called the results from Latin America and Europe "not sustainable and not acceptable." 

Ford Motor Company reported a profit of $1.6 billion for the third quarter.  Chrysler made $212 million.