News Summary: GM turns 2012 profit despite Europe
IN GEAR: General Motors’ full-year profit fell 36 percent to $4.9 billion in 2012, partly because of one-time tax changes. Revenue rose 1 percent to $152.3 billion.
SHARING THE ROAD: GM made $6.9 billion in North America, and its U.S. factory workers will get $6,750 profit-sharing checks. International operations rose 16 percent to $2.2 billion thanks to record sales in China. GM lost $1.8 billion in Europe because of the troubled economy and tough market there.
CURVES AHEAD: GM is under pressure to cut costs in Europe and improve sales growth in the U.S., where it’s lagging the industry.
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