WASHINGTON, D.C. — General Motors’ competitiveness is being questioned by the Government Accountability Office (GAO), a new monthly report showed.

“Since receiving federal assistance, General Motors Company has shown increasingly positive financial results,” the report states, citing improvements in profits, operational cash flow and a stable liquidity position. “However, GM faces continued challenges to its competitiveness. For instance, its market share of vehicles sold in North America remains smaller today than in 2008. Furthermore, GM continues to carry large pension liabilities.”

Despite expected challenged, the U.S. Treasury’s Tim Massad said, “We still expect to complete the exit from GM by the first quarter of 2014,” The Detroit News reports.

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