GM third-quarter profit soars 16.4%

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General Motors Corp. reported a third-quarter profit of $642 million, up 16.4% compared with the year-ago period, and the best third-quarter performance since 1988. The company credited cost reductions for a reduction in losses in its North American automotive operations, with a net loss of $93 million vs. losses of $363 million in the third quarter last year. GM's sales and revenues were $37.5 billion for the quarter, an 8.6% increase from the year before.

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