Shares of GM Bounce on Better-Than-Expected March Sales

General Motors (NYSE: GM) reports March U.S. sales totaled 155,334 cars and trucks, down 44.7% from the 280,713 autos reported in the same period last year.

Specifically, car sales in the US fell 41.3% to 68,877, while truck sales fell 47.1% to 86,457 units. Notably, sales for GM's Hummer unit came in at 831, down 75.9% from 3,451 sold in March '08.

The embattled automaker also reiterated its Q2 production forecast of 550,000 vehicles.

GM's new CEO, Fritz Henderson, also made some comments related to the results:

• "we've reached hopefully the bottom" in the US
  
• GM's portfolio is moving to car sales at the expense of trucks
  
• the seasonally adjusted rate for Q1 will be 9.8 million

Shares of GM have spiked on the better-than-expected monthly results. After falling as much as 18.5% earlier, the stock has just turned flat for the session, just touching the $1.94 level.

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