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GM Posts Record Earnings, Sales in 2016

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DETROIT – Strong sales in the United States and China helped General Motors Co. to a record year in 2016, the company announced early this morning.

GM reported record worldwide sales of 10 million vehicles in 2016, up 1.2% from 2015. For the full year, GM reported it sold 3.04 million in the U.S. during the year and increased retail market share by .05%. Deliveries in China increased 7.1% to 3.8 million vehicles in 2016, the company said.

“By almost any measure, 2016 was a great year of our business and I am confident we can achieve even stronger results,” Mary Barra, chairwoman and CEO, said in a statement. “We’ll work to build on our momentum while continuing to drive our company to innovate and shape the future of mobility.”

GM posted net income of $9.4 billion on revenues of $166.4 billion during 2016, the company said. During the fourth quarter, the auto giant reported net income of $1.8 billion on $43.9 billion in revenue.

“Solid results in the fourth quarter capped another record year of earnings and beat the commitments we outlined for 2016,” GM Chief Financial Officer Chuck Stevens said in a statement. “We’ll stay focused on delivering results that will enable us to return capital and create more shareholder value.”

GM said it forecasts its global volume to increase 38% between 2017 and 2020, up from 26% growth measured between 2011 and 2016.

Published by The Business Journal, Youngstown, Ohio.