General Motors on Wednesday reported net income of $US1.5 billion, or $2.71 per share, for the first quarter of 2003, up from $228 million, or $0.57 per share, in the first quarter of 2002. GM’s adjusted income, which excludes a gain from the sale of GM Defence and results from Hughes Electronics, totalled $1 billion, or $1.84 per share, in the first quarter of 2003. GM’s adjusted net income in the first quarter of 2002 was $791 million, or $1.39 per share. Automotive and financing revenue rose about 5%. The only bad news in the first quarter results announcement was the GM Europe (GME) loss of $65 million.