General Motors Co. today posted net income of $9.7 billion for 2015, up from $2.8 billion in 2014.
“It was a strong year on many fronts, capped with record sales and earnings, and a substantial return of capital to our shareholders,” says Mary Barra, chairman and CEO of GM. “We continue to strengthen our core business, which is laying the foundation for the company to lead in the transformation of personal mobility. We believe the opportunities this will create in connectivity, autonomous, car-sharing, and electrification will set the stage for driving value for our owners for years to come.”
Barra says earnings per share were $5.02, up 65 percent compared to $3.05 in 2014. Total net revenue for the year was $152.4 billion, compared to $155.9 billion in 2014, which Barra says is due primarily to a negative net foreign currency exchange impact of $9.3 billion.
GM North America reported earnings of $11 billion, compared to $6.6 billion in 2014. The company will pay profit sharing of up to $11,000 to about 49,600 eligible GM U.S. hourly employees.
IN OTHER GM NEWS, the automaker has opened its $200-million Powertrain Performance and Racing Center in Pontiac.
“This new facility offers unprecedented opportunities to connect our racing engineers and powertrain engineers, integrating their knowledge to give our racers an edge on the track and our customers better vehicles on the road,” says Dan Nicholson, vice president of GM Global Powertrain.
The new, 111,500-square-foot facility is connected to GM’s global powertrain engineering center. Employees are responsible for developing engines for Nascar, National Hot Rod Association, IndyCar, and International Motor Sports Association vehicles.
The facility offers 10 engine build bays, 30 machining tools, engine testing centers, and an electronics lab.