A year ago, General Motors was teetering close to financial ruin, and — though things are starting to look up — the now-leaner giant has fallen from the top 10 of Fortune magazine's fabled 500 list for the first time in 101 years. The automaker has shed dead weight through massive layoffs and plant closings, trimmed a once-bloated roster of dealers, and paid back $8.1 billion in loans from the U.S. and Canadian governments. Will it be enough to get GM back on top? (Watch GM CEO announce the good news)
GM is clearly on the mend: General Motors gets points for paying back the $8.1 billion early, say the editors of the Port Huron, Mich., Times Herald. It's making more money than expected from newer models, such as the mid-size Chevy Malibu, and its recovery "appears strong enough" to last. The massive Detroit bailouts are arguably paying off.
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