Chairman Rick Wagoner says General Motors is making progress on its turnaround plan.
He told shareholders meeting in Delaware that the automaker in the past year has reduced costs and rolled out new products.
Wagoner says GM expects to cut $7 billion in structural costs in North America. He says the cuts will make GM a global leader in the industry and position it for sustained profitability.
GM earned $445 million in the first quarter. Last year, it lost $1.3 billion.
The hurdles facing GM include wage talks with Delphi and the UAW, its sliding US market share, and several federal investigations into its accounting practices.