General Motors Co. posted a $1.7 billion profit for the third quarter, its seventh consecutive quarter in the black. But earnings were down from last year's $2 billion profit for the same period as the company continued to struggle in two crucial regions -- Europe and South America. GM reported a pre-tax loss of $292 million for Europe, and downgraded its forecast for 2011, saying it no longer expects to break even in this market by the year's end.
The Detroit-based automaker's South American region also lost $44 million in the third quarter, a swing from a prior-year profit of $163 million, as GM works to replace its aging lineup with newer models.
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