GM earnings double in the third quarter

GM earnings double in the third quarter: Strong US and China car sales and a drop in costs for the faulty ignitions recall helped General Motors double profits in the third quarter. The sales in the two biggest GM markets helped the company offset ongoing slumps in Europe, South America and elsewhere. With unit sales up 3.8% from a year ago to 2.42 million cars and trucks in the quarter, helped by a 17.3% jump in China.

The company meanwhile warned that its hopes for a return to stability in Europe were at risk to fallout from Britain's vote to pull out of the European Union, including the weak pound. Breaking even in Europe this year is going to be very very challenging, said GM chief financial officer.