DETROIT: General Motors’ net profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall.
The Detroit automaker said Wednesday it made $6.43 billion as demand for its vehicles surged late in a year dominated by coronavirus upheaval. In the fourth quarter, the company made $2.85 billion.
After GMs North American factories reopened in May, the company ran many flat-out but couldnt make up all the lost production. As customers returned to buying again, inventory was short and GMs U.S. sales for the year fell 12% from 2019. But because buyers bought more expensive trucks and SUVs and loaded them with options, the company was able to turn the big profit.
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