After a rough couple of years that saw General Motors narrowly avoid collapse, the company posted its largest-ever profit in 2011.
Combined North American and Asian pretax profits of $9.1 billion offset losses in Europe and South America, GM reported recently. Total profits for 2011 topped $7.6 billion, breaking the company's previous record of $6.7 billion, set in 1997. The earnings are welcome news for the 47,500 GM workers who will receive up to $7,000 each in profit sharing checks this March.
Consumers overcoming credit problems caused by the economic collapse helped the company unload 9.03 million new cars and trucks worldwide last year, and GM expects its market share to remain about the same during 2012. The company expects overall sales to increase over the $150.3 billion level set in 2011. Shares in GM rose by more than 6 percent on the news of the company's record profits.
Not everyone had a great year in 2011. Electric car maker Tesla recently announced fourth quarter losses of more than $81 million, and projected that it won't be able to turn a profit until 2013.
