Is the auto industry about to make a comeback? General Motors Co. announced this morning it earned $865 million in the first quarter, the first quarterly profit for the giant automaker since 2007. Global revenue grew 40 percent with strong sales from its new models—a sharp climb from last year’s first quarter, when GM lost $6 billion and went into bankruptcy. On the other hand, much of GM’s profit came from layoffs, factory closings, and the billions in debt shed by bankruptcy.
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