GM: returns to profit despite interruptions and recall
(CercleFinance.com) - General Motors said it returned to profit in the fourth quarter, despite production interruptions due to the pandemic and the impact of an airbag-inflator related recall in November.
The number one US car maker by sales - which unveiled a new brand identity last month and plans to launch 30 EVs globally by 2025 - reported fourth-quarter net profit of 2.8 billion dollars, from a loss of about 200 million euros one year earlier.
For the full year, net profit was 6.4 billion dollars, down slightly from the 6.7 billion dollars in 2019, the carmaker added.
"GM's 2020 performance was remarkable by any measure, and even more so in a year when a global pandemic caused companies around the world - including GM - to temporarily suspend manufacturing operations," chairman and CEO Mary Barra said in a letter to shareholders.
GM shares were trading down 0.3% in premarket trading.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The number one US car maker by sales - which unveiled a new brand identity last month and plans to launch 30 EVs globally by 2025 - reported fourth-quarter net profit of 2.8 billion dollars, from a loss of about 200 million euros one year earlier.
For the full year, net profit was 6.4 billion dollars, down slightly from the 6.7 billion dollars in 2019, the carmaker added.
"GM's 2020 performance was remarkable by any measure, and even more so in a year when a global pandemic caused companies around the world - including GM - to temporarily suspend manufacturing operations," chairman and CEO Mary Barra said in a letter to shareholders.
GM shares were trading down 0.3% in premarket trading.
Copyright (c) 2021 CercleFinance.com. All rights reserved.