DCSIMG

Mixed fortunes: GM profits held back by Europe

  • by Scott Reid
 

CARMAKER General Motors has booked a record profit for 2011 but unveiled big losses at its European operations.

he 103-year-old US company yesterday said it made a profit of $7.6 billion (£4.9bn), up 62 per cent from 2010.

However, it racked up a $700m loss in Europe, which includes its Vauxhall plants in Ellesmere Port, pictured, and Luton. GM’S fourth-quarter profit was also flat compared with a year earlier.

Turnover rose 3 per cent to $38bn, in line with Wall Street forecasts. The group sold more than nine million vehicles.

GM has said that based on its North American profit last year, it will pay out bonuses of up to $7,000 per worker to about 47,500 employees.

The results came after it emerged that production in the UK car industry had accelerated last month.

A total of 127,382 cars were made in January – a year-on-year rise of 15.6 per cent.

 

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