7 Feb 2014

GM profits down 22%

11:33 am on 7 February 2014

Profits at General Motors fell by 22% in 2013 because of weak performance in its international operations.

The latest Chevrolet Corvette Z06 at the North American International Auto Show.

The latest Chevrolet Corvette Z06 at the North American International Auto Show. Photo: AFP (file)

The largest car maker in the United States, which emerged from a period of partial government ownership in late 2013, posted hefty gains in its North American division.

However, the restructuring costs of closing factories in Germany and Australia ate into profits, which fell to $US3.8 billion for 2013.

Operating earnings fell sharply in South America and China, India and the Middle East.

In Europe, the company lost $US800 million for the full year, but that was less than half the amount if lost in 2012.

In North America, GM reported record earnings of $7.5 billion for the full year, partly driven by price increases.