DETROIT (AP) -- General Motors says it earned $510 million in the fourth quarter and $4.7 billion last year as it continued an impressive comeback from bankruptcy.
It was the company's first profitable year since 2004 and GM's best performance since making $6 billion in 1999 during the pickup truck and SUV boom.
GM says fourth-quarter net income was fueled by strong sales in China and the U.S. as the global auto market began to recover.
GM says net income per share was 31 cents, including $400 million in charges mainly for preferred stock dividends and for buying preferred stock from the U.S. government.
The quarterly profit was less than the two previous quarters. GM says expenses were higher because it launched two new vehicles.
Revenue for the quarter was $36.9 billion.
The increased profits are trickling down to Northern Michigan manufacturers. Hear the impact locally coming up on 7 & 4 News at 5 and 6.
Government bailout funds were given to General Motors and Chrysler during the economic struggles in 2008-2009. Ford did not take any bailout funds and recorded a large increase in sales. Many attribute the increase to Americans supporting the automaker that did not take government funds.
Did the government bailout change which automaker will get your business? Tell us "Your Point of View" by taking part in the poll below and leaving your comments.
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