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General Motors Management Discusses Q2 2012 Results - Earnings Call Transcript

Before we begin, I would like to direct your attention to the legend regarding forward-looking statements on the first page of the chart set. As always, the content of our call will be governed by this language.

This morning, Dan Akerson, General Motors' Chairman and CEO, will provide opening remarks, followed by a more detailed review with Dan Ammann, Senior Vice President and CFO. Dan Akerson will then conclude the remarks portion of our call with some closing comments. After the presentation portion of the call, we will open the lines for questions from security analysts.

Today, we also have Nick Cyprus, Vice President, Controller and Chief Accounting Officer; Chuck Stevens, CFO North America and South America; and Jim Davlin, Vice President, Finance and Treasurer, to assist in answering your questions.

With that, I'd like to turn the call over to Dan Akerson.

Daniel F. Akerson

Thank you, Randy, and thank you to everyone on the call for joining us.

Today, we are reporting financial results that reflect a number of realities about our business, the competitive landscape and the global economy. The first is that in a tough environment, we have been profitable -- we had a profitable year-to-date in 4 out of our 5 segments, which reflects the strong diversification of our earnings base. GM North America is a powerful earnings engine with the potential to become even stronger. The second concern is Europe. In the past, we haven't moved fast enough to fix the things that we can control. But that's changed. Third, at GMIO, staying on offense has helped us increase our year-over-year sales and share in China and positions us for growth in key markets like Russia. In South America, where GM underinvested for years, our product lineup is being revitalized. And finally, GM Financial has been a tremendously successful acquisition, and it is delivering on all the synergies we expected.

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