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

For many years, Lamborghini has always relied on the use of large and powerful engines including the V10 and the V12. In fact, the company’s very first engine in the...
by - October 17, 2017
You can now get the Opel Crossland X that’s LPG-powered if you are not a fan of diesel. Recently, the company released their version of the Peugeot 2008 equipped with...
by - October 17, 2017
As seasons change, temperatures rise and fall. The changes affect our preferences when it comes to driving cars. Therefore, Aston Martin introduces the new DB11 Volante or convertible, and it...
by - October 16, 2017
Aston Martin may be known for building many of the stylish Bond cars we see on the big screen but nobody really knew how it can get super aggressive when...
by - October 16, 2017
Today, manual transmissions have become rare in mainstream cars and are more commonly found in performance cars within the $20,000 to $40,000 range. However, the selection of affordable, three-pedal performance...
by - October 16, 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