General Motors Co. should restructure its Opel brand without the help of state aid because the parent firm's first-quarter results suggest the U.S. automaker has enough financial muscle to do so, an influential German lawmaker said Tuesday. The deputy head of the parliamentary group of Germany's ruling Christian Democrat party, Michael Fuchs said: "The discussion ... about financial aid for Opel must be ended once and for all." The decision on whether or not to grant state aid to Opel has been dragging on for several months in Germany.
Ten months after emerging from bankruptcy protection, GM Monday reported its first quarterly profit in three years, driven mainly by slashed costs and improving vehicle sales in the U.S. and Asia. GM earned $863 million in the first three months of 2010, compared with a $6 billion loss a year earlier. Revenue rose 40% to $31.5 billion, and the company generated $1 billion in cash.
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