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Michigan GMC Dealers May Be Revitalized with GM Announcement of $4.7 Billion in 2010 Profit
It may be exciting for Michigan GMC dealers as General Motors releases final 2010 figures: $4.7 billion in profit. GM still seems to be rebounding well as all four quarters were profitable.
With such high profits, 45,000 union workers at General Motors may receive profit-sharing checks $4,300 on average; this would be the highest amount ever given to union workers. This also means that 26,000 salaried workers in the U.S. may receive bonuses about 4 to 16 percent of their pay.
“Last year was one of foundation-building,”
There were about $90 billion in losses since 2009, but that started to change for GM dramatically in November as Michigan GMC dealers may have watched as GM began its Initial Public Offering (IPO). Within in a couple of days it became one of the largest IPOs in U.S. history.
[Rewind: Michigan GMC dealers See General Motors Stock Up 15 Percent Since IPO]
The IPO was not the only additional change General Motors completed to get its company back on track. Other ways GM improved its company’s standing was through reducing factory input, cutting labor costs and developing new cars and trucks to attract customers.
New cars that have been added to the General Motors lineup include the Chevrolet Cruze, which replaced the Chevrolet Cobalt. One of the more popular and awarded vehicles that GM added to its list of available models is the Chevrolet Volt. Not only has the Chevrolet Volt won North American Car of the Year, but it was also named 2011 Motor Trend Car of the Year.
[Rewind: Detroit Auto Show News: Chevrolet Volt Wins North American Car of the Year]
The year has also started off well for GM as Michigan GMC dealers contributed to the 22.7 percent increase in sales from this January to the same time last year. General Motors reported selling 178,896 vehicles. By brand, Cadillac rose 49 percent for the month; Buick went up 32 percent; GMC jumped 30 percent and Chevrolet just up 19 percent.
Check back with MI Auto Times for updates about General Motors advancement or decline in 2011.
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