Associated Press
Thursday, February 16, 2012
DETROIT — Just two years after it was rescued and reconstituted through bankruptcy and a government bailout, General Motors cruised through 2011 to post the biggest profit in its history.
The 103-year-old company, under new management, cut costs by taking advantage of its size around the globe. And its new products boosted sales so much that it has reclaimed from Toyota the title of world's biggest automaker.
GM may have a hard time breaking this record in 2012 because of losing money in Europe and South America and U.S. sales growth slowing in the last three months.
But the company's performance in North America and Asia still helped it earn $7.6 billion for the year, beating the record of $6.7 billion set during the truck and SUV boom in 1997.
The profit won't stop the debate about spending $49 ...