General Motors Reports $6.4 Billion Profit Despite Pandemic

By Paul Riegler on 10 February 2021
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A 2021 Cadillac XT5

General Motors announced financial results for the calendar year 2020.

The nation’s largest automaker reported a profit of $6.4 billion in the period, a small decline from the prior year.  The company said that brisk sales of sport-utility vehicles and light trucks in the second half of the year offset the drop in business in the first half due to the onset of the coronavirus pandemic.

“GM’s 2020 performance was remarkable by any measure, and even more so in a year when a global pandemic caused companies around the world – including G.M.  – to temporarily suspend manufacturing,” said Mary Barra, the company’s CEO, in a letter to shareholders.

Revenue for the period fell 11% to $122 billion from $137 billion in 2019.  Net income in 2019 was $6.7 billion.

(Photo: Accura Media Group)