Two years ago, at its annual Global Business Conference, General Motors (NYSE:GM) unveiled a surprising plan. It involves radically streamlining GM's global product line -- and it takes more than a page or two from the famous "One Ford" plan that returned GM's archrival Ford (NYSE:F) to profitability.

This week, GM product chief Mary Barra gave an update on the plan's progress, with a surprising twist: The company is ahead of schedule. In this video, Fool.com contributor John Rosevear explains why that's a big deal -- and what it could mean for GM's profits in coming quarters.

Fool contributor John Rosevear owns shares of Ford and General Motors. Follow him on Twitter at @jrosevear. The Motley Fool recommends Ford and General Motors. The Motley Fool owns shares of Ford. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.