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  1. #1

    Default GM reports 2024 pretax profit of $14.9 billion

    In spite of all the chaos in the auto industry and all the chaos to come with the vagaries of tariffs and support or lack of support for EV's it's great to see a home team chalk up a big win and its workers get big pay checks.

    "In its fourth-quarter and full-year results reported Tuesday, General Motors hinted at big bonus checks for salaried workers, record-setting profit-sharing checks for hourly workers and said it hit a milestone in making its electric vehicles "variable profit positive" — meaning the revenue from EVs now exceeds GM's direct costs to make them.

    "Barra said global salaried employees have "earned strong performance bonuses" and U.S. hourly employees will get profit-sharing checks up to $14,500 as a result of GM's earnings.
    "In its largest market, North America, Barra credited a broad vehicle portfolio and consistent sales for most of the profits. It reported fourth-quarter adjusted pretax profits of $2.5 billion, a 43% increase from the year-ago period. For the full year, GM said its adjusted pretax profits increased 21% to $14.9 billion."

    "Barra credited GM's strong year to robust sales of full-size pickups, new and redesigned SUVs and an expanding portfolio of EVs, which helped GM double its EV share of the market to 12.5% since the first quarter. GM also focused on profitability by keeping incentives below the industry average and the average transaction price around $50,000.

    https://www.freep.com/story/money/ca...s/77933571007/

  2. #2

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    They are going to need it to offset the upcoming lawsuits should they lose.

    850,000 vehicles in just one because of engine failures

    I have a friend with a 2019,just hit 101k after the 100k warranty ran out,$15k for the engine and transmission replacement in top of the $30k he still owes on the truck.

    The ones involved in the class action are blowing engines before even 30k miles.

    Then there is the transmissions from 2017 to 2023 that covers millions of trucks and SUVs that case is still in the pipeline.

    It will be interesting to see where they are this time next year.

  3. #3

    Default

    Could they have avoided layoffs if they hit 15 billion in pretax profit? What threshold would they need to hit to not require millions in taxpayer dollars to fix THEIR headquarters?

    Just burn the whole system to the ground at this point. We aren't a country, were a corporation.

  4. #4

    Default

    $30k outstanding on a 6-7 year old truck with over 100,000 miles? There's no world in which that makes sense.

  5. #5

    Default

    That's enough money for profit sharing with its employees.

  6. #6

    Default

    Quote Originally Posted by sirrealone View Post
    $30k outstanding on a 6-7 year old truck with over 100,000 miles? There's no world in which that makes sense.
    Makes plenty of sense if it was financed for 72/84 months. If he bought it used, they're almost expensive as a new one. Trucks are ridiculously expensive, new or used. I know of a friend of a friend that's paying $900 per month for a new GMC Denali pickup. Obviously, his isn't financed for that long, but still.. Some people opt for that so their payments are lower. You can always re-finance though if you're able.
    Last edited by Cincinnati_Kid; January-28-25 at 03:19 PM.

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