General Motors Co., the largest U.S. automaker, reported fourth-quarter net income of $510 million, completing its most profitable year since 1999 as vehicle sales increased in North America.
Models such as the Chevrolet Equinox and Cadillac SRX sport-utility vehicles and Buick Lacrosse sedan helped GM increase U.S. deliveries by seven percent last year.
GM spent about $1 billion more in the fourth quarter on marketing and engineering than in the previous three months, Chief Financial Officer Chris Liddell told reporters today in Detroit.
In a timely announcement, GM also said profit-sharing checks for its 45,000 U.S. hourly workers will average $4,300, more than double the previous record for payout to unionized employees.
Source: The Washington Post
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