General Motors has released its 2017 financial report which revealed the automaker had an adjusted EBIT (earnings before interest and taxes) of $12.8 billion.
GM says the results were driven by a “strong performance in North America,” sustained growth at GM Financial, cost cutting moves, and a return to profitability in South America.
The picture isn’t completely rosy as the company revealed “on a consolidated basis (including discontinued operations), GM reported a 2017 net loss of $3.9 billion, driven primarily by charges totaling $13.5 billion.” This was largely due to tax reform in the United States and a $6.2 billion non-cash charge from the sale of Opel and Vauxhall to Groupe PSA. The automaker also left several markets including India and South Africa.
While 2017 wasn’t perfect, the company has high hopes for the future as the 2019 Chevrolet Silverado and GMC Sierra will be launched later this year. GM expects they will build on the success of recent entries such as the Buick Enclave, Chevrolet Traverse, and GMC Terrain.
While these reports typically provide a glimpse into the future, this release wasn’t too revealing as it confirmed the company expects to deploy autonomous vehicles in a “ride sharing environment” in 2019. GM also revealed plans to launch 15 models in China this year under the Buick, Cadillac, Chevrolet, Baojun and Wuling brands.
One of the biggest winners in today’s announcement was factory workers as The Detroit Free Press reports UAW-represented employees will receive profit-sharing checks of $11,750.