Basic Motors coasted by way of 2014 with a $ 2.8 billion net profit and record international sales of more than 9.9 million cars and trucks.
Also negative GM broke another record: for most recalls ever in a single year. Otherwise it would have made one more $ 3.5 billion. That is what the business spent on much more than 80 recall campaigns totaling some 36 million vehicles. And that does not incorporate the $ 315 million hit it expects to take on the ignition-switch settlement fund, which so far has counted 51 deaths and has paid out $ 93 million.
But hey, the ceaseless waves of recall news in 2014 didn’t quit Americans from taking residence a lot more than 2.9 million GM autos, a 5.3-% achieve more than 2013. And when it comes to money, GM has lots of that, as well: $ 3 billion in cash or “cash equivalents” and one more $ 5.3 billion in credit it can draw upon immediately.
Yes, GM is under investigation by 49 states, the Department of Justice, and has individuals virtually banging on the Renaissance Center’s glass for billions worth of potential legal damages, but none of that has hit property but and almost everything is peachy.
It’s so excellent, in fact, that GM sales had been up 18.3 percent last month versus January 2014. New Escalades are flying out the door at more than double final year’s price Chevrolet recorded its greatest retail sales month considering that 2008 and GMC had its ideal since 2004. Much better however, according to J.D. Power people are spending $ 2400 much more on a GM car this year than they did final (the typical transaction price tag is $ 34,800).
GM is off to yet another rocket launch of a year, but the automaker possibly wants to preserve in thoughts the old adage: Keep your clients close and your lawyers closer.
Excellent News, Poor News for GM: Recalls Cut 2014 Income by More Than Half—But Sales Are Rockin’
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