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Accounting Adjustment Masks Record Full Year Earnings for General Motors

Workers will get $11,750 in profit-sharing.

by on Feb.06, 2018

GM CEO Mary Barra has pushed for major changes in GM's strategy, and the 2017 numbers suggest her approach is paying off.

General Motors officially reported a net loss for 2017, but the real numbers were masked by a series of accounting adjustments and actually climbed into record territory for the year.

The adjusted, $12.8 billion in pretax profits, which worked out to $6.62 a share – an 8.2% year-over-year gain – comes as good news to workers as well as investors at a time when economic uncertainty has shocked Wall Street. About 50,000 U.S. hourly employees will share the maker’s success with profit-sharing checks averaging $11,750 apiece. That bonus actually dipped from $12,000 last year.

Business News!

“The actions we took to further strengthen our core business and advance our vision for personal mobility made 2017 a transformative year,” said GM Chairman and CEO Mary Barra, in comments during a media and analyst conference call. “We will continue executing our plan and reshaping our company to position it for long-term success.”

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PSA Picks Atlanta as New North American HQ

French automaker in midst of 10-year plan to return to U.S. market.

by on Feb.02, 2018

PSA's new U.S. chief, Larry Dominique previously served as top U.S. product planner at Nissan.

Groupe PSA, the ambitious French carmaker that purchased GM Europe, selected Atlanta as the site of its new North American headquarters in Atlanta, Georgia.

The headquarters will be operational this month. A core team has already been set up to build the strategy and steer its execution. The decision to locate in Atlanta came after a yearlong, nationwide search to find the optimal balance of business environment, standard of living and workforce.

Global News!

“We looked at every aspect of the Atlanta community and found it to be the most suitable location for us,” said Larry Dominique, president of PSA North America.  (more…)