With the assistance of a federal bailout, the country’s largest automaker emerged from bankruptcy two years ago, and on Thursday, General Motors reported a record annual profit. Last year marked the first time since 2004 that all three major U.S. automakers, including Chrysler Group and Ford Motor, were profitable at the same time. Up from $4.6 billion in 2010, GM reported full-year net income attributed to common shareholders of $7.6 billion, which equals $4.58 a share.
GM’s global sales volume rose 7.6 percent to 9 million vehicles for the year, which allowed the auto company to recapture the global sales title it held for 77 years before it fell behind Toyota Motor in 2008. The federal assistance of $49.5 billion saved about 1.5 million jobs, according to an estimate from the Center for Automotive Research, and prevented GM, Chrysler, and many U.S. parts suppliers from getting forced out of business. Currently, U.S. automakers are hiring again and further job gains are expected in the years to come.
