GM’s earnings this year reach $4.77 billion, overtakes Toyota

Article by Christian A., on November 11, 2010

This year, Ford Motor Co. has maintained its lead when it comes to global profits but what’s more remarkable is that General Motors Co. has overtaken Toyota Motor Corp. to take second place. Amid the continuing increase in global sales for the industry, GM posted a third-quarter net income of $2.16 billion, pushing its earnings this year to $4.77 billion.

Meanwhile, Toyota reported a $4.46 billion profit in the nine months ended Sept. 30. These figures are based on data compiled by Bloomberg. IHS Automotive and J.D. Power & Associates estimate that the industry has benefited from global sales that may exceed 70 million vehicles this year.

During the global recession, carmakers have cut brands, shut down factories and terminated workers. And now as demand is recovering, these carmakers are positioning themselves for higher profit.

Alan Baum, principal of Baum & Associates, an industry consultant in West Bloomfield, Michigan, said that the automakers are enhancing their top line and cutting costs, and “that flows to the bottom line.”

He clarified that Toyota is not anymore the “go-to auto company” for buyers who are looking for a reliable and safe vehicle. This year, Ford has posted earnings of $6.37 billion – more than double its full 2009 profit of $2.72 billion.

Autodata Corp. said that Ford's new Fiesta subcompact and Super Duty versions of its pickups are being sold at higher prices and this had aided in widening its market share in the US by 1.5 percentage points through October. [via autonews - sub. required]

Topics: gm, toyota, sales

If you liked the article, share on:

Comments

Recommended

Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 2017
The year 2018 marks the golden anniversary of Subaru of America. Of course, the company will celebrate 50 years of being at the helm of the brand’s crusade in North...
by - February 24, 2017
During car crashes and accidents, there are times that its occupants can’t get out easily. There are times when the only way to get out of that situation is to...
by - February 23, 2017
Could this be a special version of Ferrari’s much acclaimed LaFerrari? No matter how we look at it, the patent images for this sports car from Ferrari indicate its striking...
by - February 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries