GM Financial finished the third quarter $200m (£125m) in the black and "slightly" up on last year, according to latest reports from parent GM.

Other Q3 GM results included revenue of $37.6bn, up 2.5% year-on-year; net income of $1.5bn, down 11.8%; and earnings before tax of $2.3bn, up 4.6%.

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Automotive net cash flow stood at $3.1bn, up 72.2% year-on-year; automotive free cash flow at $1.2bn, a four-fold increase on the year before; with total automotive liquidity of $37.5bn and automotive cash and marketable securities of $31.6bn.

‘A lot of work to do’

In a statement, GM said the final, worldwide score for 2012 will be "slightly better" than the end of 2011.

GM chief executive Dan Akerson said the success of the brand was "because customers around the world love our new vehicles" while the company was "also seeing green shoots take hold on tough issues like complexity reduction, pensions and Europe".

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However, senior vice president and chief financial officer Dan Amman warned "we still have a lot of work to do, especially in Europe," where GM has just announced the rollout of 23 new models and 13 new engines to combat lagging sales.

richard.brown@vrlfinancialnews.com