GM reports huge fourth-quarter profit - WNEM TV 5

GM reports huge fourth-quarter profit

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DETROIT, MI (WNEM) -

General Motors has reported their fourth-quarter sales numbers and they nearly double last year's fourth-quarter numbers.

GM reported a profit of $898 million, up from $468 million during the same quarter last year.

General Motors attributed the profit tax credits and a devaluation European assets. Revenue grew to $39.3 billion.

This comes as GM made announcements to increase investment in it's Pontiac plant. The company plans to hire 400 new workers and will invest $200 million at the facility.

The company also announced that it will pay profit sharing of up to $6,750 to its 49,000 or so eligible U.S. hourly United Auto Workers employees. In 2012, eligible UAW employees' profit-sharing checks of up to $7,000 on the automaker's record pre-tax results of $7.2 billion in 2011.

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