GM: 2010 the first profitable year since 2004 (with net income of $4.7 billion)

Small cars launched under all four brands in North America during the year, to be followed by launch



 GM ended its first calendar year 2010 as New Company after bankruptcy proceedings with first net income in black ($4.7 billion) in six years after 2004. Among GM's business segments, GM North America (GMNA), the division with the largest deficit since 2005, turned into the most profitable one (EBIT of $5.7 billion). GM announced its liquidity issue has ended after drastic improvement of balance sheets with automotive free cash flow of $2.4 billion.

 In its model plans for North America with focus on small cars, GM, having launched Chevrolet Cruze in 2010, will launch the Sonic (new Aveo) in 2011 and the minicar Spark in 2012. GM will also launch compact-class models under the Buick, GMC and Cadillac brands as well.

 Regarding electric vehicles, GM launched Plug-in Hybrid Chevrolet Volt in November 2010 and will introduce in 2011 the next-generation mild hybrid system "eAssist" that uses lithium-ion batteries. In response to the U.S. government's call for an average fuel efficiency of 35.5 mpg among auto makers to prevail in 2016, it has been reported that the eAssist system will be used on 2012MY Buick LaCrosse/Regal first, to be followed sequentially by all other models.

 GM's global sales rose from 7.48 million vehicles in 2009 to 8.39 million. The ratio of its sales in emerging markets other than North America and Europe rose from 28.5% in 2007 to 48.9% in 2010 with China having become the largest market in the world (2.35 million vehicles). GM plans to strengthen its operations in Brazil, Russia and India (BRICs) after China.

First black-figure results in six years in 2010 ($4.7 billion)

 GM generated consolidated revenue of $135.6 billion in 2010 along with net income of $4,668 million marking GM's first year-end profit in six years since 2004.

GM: Net income of $4.7 billion in 2010

($ in millions)
  Old GM New GM
Calendar year
Jan. ~ July 9,
July 10 ~ Dec.,
Calendar year
Net sales and revenue 148,979 47,115 57,474 135,592
Operating income (loss) (21,230) (16,095) (4,928) 5,084
Reorganization gains, net
(Note 2)
Net income (loss) (30,943) 109,118 (4,428) 4,668
Source: GM's 2010 Financial Results
(Notes) 1. The New GM started on July 10, 2009, upon the completion of bankruptcy proceedings.
2. Reorganization gains are extraordinary profits resulting from the reduction of liabilities in the course of court proceedings for the application of the Bankruptcy Act during January through July 9, 2009.

Outline of results of Old GM in 2002~2008

($ in millions)
  2002 2003 2004 2005 2006 2007 2008
Net sales and revenue 177,324 185,837 193,452 194,577 204,467 179,984 148,979
Net income (loss) 1,735 3,525 2,701 (10,417) (1,978) (38,732) (30,943)

Source: Old GM's Financial Results

Divisional profit and loss: GMNA registers net income of $5.7 billion (EBIT)

 In 2010, GM earned a $5.7 billion profit on an EBIT basis from its North American operation (GMNA) that used to be the company's worst operating segment from 2005 to 2008. GM's production in North America rose from 1.91 million vehicles in 2009 to 2.81 million in 2010, coupled with an increase of plant utilization ratio from 48.0% to 89.5%. It is said GMNA has gained a business structure capable of making profit in the present market scale.

 GM Europe (GME) registered a loss of $1.8 billion after several consecutive years of loss since 2005.

GM:Profit and loss by the segment

($ in millions)
Calendar year 2010 Oct.-Dec. 2009 Oct.-Dec. 2010
Net Sales and Revenue 135,592    
Operating income 5,084    
(Earnings before
Interest and Taxes)
GMNA (North America)
GME (Europe)
GMIO (International)
GMSA (South America)
GM Financial (Note 5)

Total 7,193 (3,523) 903
Corporate & eliminations 284 (523) 442
EBIT Total 7,477 (4,046) 1,345
Net income (loss) 4,668 (3,520) 510
Source: GM's 2010 Financial Results
(Notes) 1. GMSA (GM South America) was separated in July 2010 from GMIO (GM International Operations) which is responsible for all areas, other than North America, Europe and South America, including Russia and Uzbekistan.
2. The three months ended Dec. 31, 2010 (Oct. - Dec.) is the first quarter that allows a year-to-year comparison under the same condition for the New GM.
3-1. GMNA registered pretax loss over consecutive years at $10.6 billion in 2005, $6.9 billion in 2006, $3.3 billion in 2007, and $14.1 billion in 2008.
3-2. In addition to UAW's concession in 2007 and 2009 and the reduction of liabilities through the application of Bankruptcy Act, GMNA benefited from brisk sales of new models including the Chevrolet Cruze, an increase in actual market price and reducing marketing targets from eight to only four brands so that enough advertising budgets could be allocated to all of the four brands. As a result, GM saw its profitability pick up significantly.
3-3. During this, GM broke away from its former practice of surplus production, increased stock and clearing the stock at high incentives, and shifted to suppressing its production, stock and incentives to a more sound level. This reportedly helped the company convert itself to a business structure capable of making profits in the present market scale (Automotive News 2010.11.15, Ward's Automotive Reports 2011.2.7).
4-1. GM's sales financing is provided mainly by Ally Financial, the former GMAC Financial Services. Its largest shareholder is the U.S. government (56.3%) at the present and Ally Financial is not a part of GM's consolidation scheme.
4-2. Ally Financial provides dealer's stock financing and retail financing mainly for prime customers.
4-3. In September 2009, GM partnered with an independent financer, AmeriCredit, that provided sales financing for people of low credit standing buying pre-owned vehicles etc., and began offering non-prime loans to them. Then, in October 2010, GM acquired AmeriCredit for $3.5 billion, which GM renamed GM Financial. It is said that approximately 40% of the car purchasers in the United States belong to non-prime class of people with low credit standing. By acquiring AmeriCredit, it is said GM's sales in the U.S. would increase by around 20%.

GM: Global production quantities

(Vehicles in thousands)
  October-December Calendar Year
2009 2010 2009 2010 2010/2009
New GM New GM Old GM +
New GM
New GM
GMNA Production 616 703 1,913 2,809 146.8%
Capacity Utilization 61.5% 89.6% 48.0% 89.5%  
GME 256 313 1,106 1,234 111.6%
GMIO Consolidated Entities 229 265 752 1,016 135.1%
Joint Ventures (Note 2) 592 747 1,925 2,729 141.8%
Total 821 1,012 2,677 3,745 139.9%
GMSA 229 241 807 926 114.7%
Total Worldwide 1,922 2,269 6,503 8,714 134.0%
Source: GM's 2010 Financial Results
(Notes) 1. With regard to GMNA operation, production in Mexico soared from 350,000 units in 2009 to 560,000 in 2010. GM plans to increase production in Mexico where local people's wages are one tenth that of workers in North America.
2. According to agreements with the three joint venture companies in China (SGM, SGMW, FAW-GM), their production and sales quantities are announced as GM's quantities. Their sales amounts and expenses are not consolidated.

GM's balance sheets: Consolidated liabilities reduced by $74.7 billion from the end of 2008

 GM's consolidated balance sheets improved significantly after the reduction of liabilities through bankruptcy proceedings.

 Its consolidated liabilities shrunk by $74.7 billion from $176.4 billion as of the end of 2008 to $101.7 billion as of the end of 2010. As a result, its total equity switched from excessive liabilities of $86.2 billion to $36.2 billion in positive figure.

 In this regard, GMs automotive free cash flow (cash creation through operating activities less capital investment) in 2010 was $2.4 billion and the automotive segment's liquidity at the end of 2010 was $33.5 billion.

 Hence, GM announced the end of its liquidity issue. The company also announced that it had withdrawn a request, filed with the U.S. Department of Energy, for a $14.4 billion loan for the production of green vehicles.

GM's consolidated balance sheets

($ in millions)
  Old GM New GM
December 31,
December 31,
December 31,
December 31,
Automotive Current Assets
Automotive Non-current Assets
GM Financial Assets
Total Assets 148,883 91,047 136,295 138,898
Automotive Current Liabilities
Automotive Non-current Liabilities
GM Financial Liabilities
Total Liabilities 184,363 176,387 107,340 101,739
Commitments and Contingencies (Preferred stocks)     6,998  
Non-controlling interests 1,614 814 708 979
Equity (37,094) (86,154) 21,249 36,180
Total Liabilities and Equity 148,883 91,047 136,295 138,898
Source: GM's 2010 Financial Results
(Notes) 1. GM's automotive free cash flow (cash creation through operating activities less capital investment) in 2010 was $2.4 billion and the automotive segment's liquidity at the end of 2010 was $33.5 billion including credit facilities of $5.9 billion.
2. In October 2009, GM filed a request with the U.S. Department of Energy (DOE) for a $14.4 billion loan from the fund in support of producing next-generation vehicles. In January 2011, GM announced it was going to withdraw that request since it has enough cash flow to receive funding for equipment investment and also it was determined to reduce liabilities as much as possible (some automakers, including Ford and Nissan, are beneficiaries of the DOE loans).


Model plans for North America: Strengthening small cars under all four brands

 Reported below are the introduction plans of small cars and electric vehicles in GMNA's model plans.

 GM plans to strengthen its small car lineup under all four brands in response to the market change and more stringent fuel efficiency regulation in the United States. These plans include the market release of the Cruze in 2010, the Sonic (new Aveo) in 2011 and the Spark minicar in 2012, all under the Chevrolet brand. GM is expected to launch compact class cars under the GMC brand that used to be dedicated to trucks, the Buick and the Cadillac brand as well.

GM's model plans for North America (2011-2013MY)

(* indicates small cars)
  2011MY 2012MY 2013MY
Chevrolet *Cruze(Compact car),
Volt (PHEV)
*Sonic (New Aveo)
(Sub-compact car)
*Spark (Mini car),
New Malibu (Midsize Sedan),
*Compact Crossover
Cadillac   XTS *Compact car (or 2014MY),
Large Crossover
Buick   *Verano (Compact car) *Encore (compact crossover)
Source: GM's press release 2011.1.10, Automotive News 2010.8.9
(Note)  * indicates small cars. Automotive News uses more detailed classification in three levels that include Compact (Ford Focus class), Sub-compact (Ford Fiesta class) and Mini car.
Compact car launch plan
Chevrolet Cruze  Cruze is a four-door sedan (successor to the Chevrolet Cobalt) released as a 2011MY model in the United States in September 2010. Released earlier in 2009 in Europe and Asia.
Chevrolet Sonic
(New Aveo)
 GM has invested approximately $545 million to start production of the new Aveo at the Orion Township, Michigan plant in mid-2011 in an annual quantity of 60,000 to 70,000 units.
 GM announced it will be the only automaker producing Aveo class small cars in the United States. It was thought hard to maintain profitability from production of small cars in the United States but it has become possible most likely after GM had UAW's concession with regard to labor conditions.
 In January 2011, GM exhibited the next Chevrolet Aveo under the model name of Sonic in the Detroit motor show. GM has developed the hatchback and four-door sedan, powered by 1800cc and 1400cc turbo-charged engines, to compete with the Ford Fiesta. The Sonic will be sold under the model name of Aveo in areas outside of North America.
Chevrolet Spark  A minicar powered by a three- or four-cylinder engine and a sister model to the Daewoo Matiz. To be produced in Korea initially and exported to the United States until production is moved to Mexico.
Compact crossover  GM is said to be considering introduction of a crossover car, smaller than the Chevrolet Equinox, as a 2013MY under the Chevrolet brand.
Buick Verano  The Buick Verano is a compact car that shares the Delta platform with the Chevrolet Cruze. In October 2010, GM announced it was investing $145 million in its Orion Township, Michigan plant to produce the Buick Verano in addition to the already announced Sonic (new Aveo).
Buick Encore  A five-seat compact crossover car based on the Delta platform. To be launched as a 2013MY model.
GMC Granite  A compact MPV concept that GM exhibited at the 2010 Detroit motor show. The box style vehicle has center-opening doors in the front passenger's side and is larger in size than Nissan's Cube. Equipped with a 1800cc engine, 1400cc turbo-charged engine and a six-speed AT. Said to be released in the market in 2013.
 GMC brand's lineup used to consist primarily of large-sized SUV and full-sized pickups. To meet recent changes in the market, GMC is now selling the Acadia, a passenger car-based crossover, and the smaller Terrain. The GMC Granite will be the smallest model under the GMC brand.
Cadillac ATS  The Cadillac brand compact car ATS was developed upon the rear-wheel drive Alpha platform expected to be introduced as a 2013MY or 2014MY model.

Source: GM's press releases 2010.10.7/2011.1.10, Ward's Automotive Reports 2011.1.10

Electric vehicle launch plan: The next-generation mild hybrid system "eAssist" being introduced in 2011

 In November 2010, GM launched the Plug-in Hybrid Chevrolet Volt with plans to produce 25,000 units in 2011 and 45,000 units in 2012.

 With regard to hybrids, GM is selling six models of a two-mode hybrid as of March 2011. GM reportedly plans to enhance the two-mode system and release a four-mode system in 2013, accordingly.

 Production and sale of the mild hybrid system dubbed the belt-alternator starter system was suspended in 2009. GM has developed a next-generation system equipped with lithium-ion batteries under the new product name of "eAssist" and will reportedly adopt the new system in all models starting with 2012MY Buick LaCrosse/Regal.

Electric vehicle launch plan
Chevrolet Volt
(Plug-in Hybrid)
 In November 2010, GM released for sale the Plug-in Hybrid Chevrolet Volt in Washington D.C. and the states of California, New York, Connecticut, New Jersey and Texas. GM plans to sell the PHEV in all 50 states by the end of 2011. The base model is priced at $40,280 but GM is quoting an actual retail price of "$32,780" after a $7,500 government subsidy.
 GM initially planned to produce 10,000 units of the Chevrolet Volt in 2011 and 30,000 units in 2012. Then, in July 2010, the company announced the planned production quantity for 2012 would be increased to 45,000 units. It is reported that the production quantity for 2011 was also increased from 10,000 to at least 25,000 units (Automotive News 2011.1.31).
 GM is expected to launch the 2012MY Volt Flex-fuel version capable of running on E85. It is also said that GM is in the process of developing the MPV type Volt as well.
(Mild Hybrid)
(Note 1)
 GM was using a mild hybrid system called "belt-alternator starter system" on the Saturn Vue etc., but its production was terminated in 2009. It was a system meant to increase fuel economy through the start/stop system, regenerative brake and motor assists, but is said to have failed in the market.
 The next type to be introduced in 2011 will have a higher performance thanks to Hitachi's lithium-ion batteries. It will be a standard feature on the 2012MY Buick LaCrosse (four-cylinder model) with highway fuel efficiency of 37 mpg, up 7 mpg, and city driving fuel efficiency of 25 mpg, up 6 mpg, from the 2011 model. Both figures normally belong to compact cars.
 It has been reported that GM plans to adopt in all models the "eAssist" capable of 20 to 25% improvement on fuel efficiency as one of the primary tools to meet the fuel economy regulations of the U.S. government (an automaker average of 35.5 mpg in 2016).
Two-mode Hybrid  A two-mode hybrid system is currently used on the Chevrolet Silverado and other large-sized SUV and pickups, six models in total. GM is said to be developing an enhanced type, a four-mode version, and start using the new system on the GMC Yukon being released for sale in 2013 (details of the four-mode version have not been published).
Source: GM's press releases 2010.7.30/2010.11.15/2011.1.27, Automotive News 2010.8.2/2010.10.18
(Notes) 1-1. It is said GM has decided to call its new system "eAssist", not "hybrid", to avoid comparison of fuel efficiencies with the Toyota Prius and other full hybrid systems and, furthermore, has decided not to use the name of "belt-alternator starter system" to renew the market image of its former system.
1-2. The "eAssist" uses, in addition to lithium-ion batteries, Maxwell's Ultracapacitor to benefit especially from its capability of instantaneous massive charge from braking energy regeneration.
2. Besides the plans shown above, GM has developed (1) a two-mode hybrid system for front wheel-drive vehicles and (2) a PHEV system based on the two-mode HEV for front wheel-drive vehicles other than the system used on the Volt, but their commercialization has been postponed due to a management crisis.


Global sales of 8.39 million vehicles in 2010 with emerging markets accounting for about 50%

 GM's worldwide sales increased by 910,000 units from 7.48 million units in 2009 to 8.39 million units. The year-to-year increase of 910,000 units includes 780,000 units sold in emerging markets other than North America and Europe (GMIO + GMSA in GM's data), which account for 48.9% of GM's worldwide sales (compared to 28.5% in 2007, 44.5% in 2009).

 Breakdown of the worldwide sales by the country includes 2.35 million units in China, up 28.8% from 2009, with China becoming GM's largest market in the world. Of GM's top 10 markets, all that marked a two-digit growth in sales from 2009 are the emerging markets.

GM: Global sales quantities

(Vehicles in thousands)
  2007 2008 2009 2010
Old GM Old GM + New GM New GM
GMNA 4,516 3,564 2,484 2,625
GME 2,182 2,041 1,668 1,662
GMIO 2,672 2,751 2,453 3,077
GMSA 872 1,026
Total Worldwide 9,370 8,356 7,477 8,390
Source: GM's 2010 Financial Results
(Notes) 1. The data include the Hummer, Saturn and Pontiac brand vehicles that were discontinued and the Saab brand vehicles sold through February 2010.
2. GMNA includes Mexico.
3. The sales quantities in the United States from 2006 through February 2011 are given at the end of the report.

GM's sales quantities in 2009-2010 by the country

2009 2010 % Change
1 China 1,826,475 2,351,610 28.8%
2 United States 2,084,492 2,215,227 6.3%
3 Brazil 595,625 657,825 10.4%
4 United Kingdom 287,278 290,250 1.0%
5 Germany 381,687 269,061 -29.5%
6 Canada 254,257 247,104 -2.8%
7 Italy 188,689 169,955 -9.9%
8 Russia 141,695 159,199 12.4%
9 Mexico 138,482 155,590 12.4%
10 Uzbekistan 102,746 145,151 41.3%

Others 1,475,752 1,728,797 17.1%

Total Worldwide 7,477,178 8,389,769 12.2%

Source: GM's press release dated 2011.1.24

Set to expand sales in China and other BRICs countries

 GM's Chinese operation is performed through three joint venture companies including Shanghai GM and SAIC-GM-Wuling, and FAW-GM that was formed in 2009 with FAW. SAIC-GM-Wuling (SGMW) sold a total of 1.23 million units of Wuling branded compact vans and other vehicles. GM will introduce 20 new or revamped models including the Chevrolet Volt in 2011-2012.

 GM sold a total of 452,570 vehicles (up 15.0%) in the Chinese market in the first two months of 2011.

GM: Three joint venture companies in China

  Unit sales
in 2010
Change GM's
Shanghai GM 1,033,307 142.0% 49% Selling Chevrolet/Buick/Cadillac branded vehicles
SAIC-GM-Wuling 1,226,860 115.6% 44% Wuling branded minicars, etc
FAW-GM 88,224 251.4% 50% A joint venture company formed in 2009
for making light commercial vehicles
Total 2,351,610 128.8%   (Includes imported vehicles unaccounted for above)
Source: China GM's press release 2011.1.4
(Notes) 1. In December 2009, GM sold 1% of Shanghai GM's shares to Shanghai Automotive resulting in new controlling shares of Shanghai GM at 49% for GM and 51% for Shanghai Automotive.
2. In January 2011, GM purchased from Wuling 10% of SAIC-GM-Wuling's share resulting in new controlling shares of SAIC-GM-Wuling at 44% for GM, 50.1% for Shanghai Automotive, and 5.9% for Wuling. GM plans to adopt Wuling's mini van production knowhow in India.
3. Regarding FAW-GM, GM has published sales quantities of vehicles produced by the existing plants. A new plant, Changchun plant, officially started operations in December 2010. The new plant is operating with an initial annual quantity of 80,000 units including pickups, SUV, MPV and mini-buses with plans to increase the quantity in phases to 200,000 units.

 GM sold 658,000 vehicles in Brazil in 2010. The company estimates the Brazilian market will grow in scale to 4 million vehicles in 2014 and GM's sales will soar to a million vehicles. Accordingly, GM plans to invest $2.8 billion in total in five years from 2008 to 2012. GM also announced the resumption of the construction of a new engine plant that had been suspended.

 GM operates three manufacturing facilities in Russia including its own plant located in St. Petersburg and sold 160,000 vehicles in 2010. In February 2011, GM announced plans to produce the next Aveo in partnership with GAZ. In addition, GM is said to have plans to increase annual production in Russia to 350,000 vehicles and raise the local content ratio to 60%.

 GM's sales in India increased from 55,000 units in 2009 to 90,000 units in 2010. In December 2009, GM sold 50% ownership in GM India to Shanghai Automotive. The two companies have jointly established an investment firm, General Motors SAIC Investment, in Hong Kong and plan to strengthen their business in Asia starting from India.

GM:Set to increase sales in Brazil, Russia and India

Brazil Engine plant
construction resumed
 In July 2010, GM announced the construction of a new engine plant in the city of Joinville, which had been held off since the end of 2008 due to heavy rains and floods-the construction will be resumed in August. The construction will cost BRL350 million (including this, a total of USD2.8 billion will be invested in Brazilian operation for a period of five years) and the plant will start operating in 2012 with annual quantities of 120,000 engines and enough aluminum cylinder-heads for 200,000 vehicles.

Source: GM's press release 2010.6.22/2010.7.20

Russia Partnered with GAZ  In February 2011, GM announced new partnership with GAZ, the largest commercial vehicle manufacturer in Russia. Starting in mid-2012, GM will produce approximately 30,000 units of the next Chevrolet Aveo (sub-compact car) at GAZ's Nizhniy Novgorod plant and sell them in Russia. The next Aveo is positioned as a world strategic car and a segment leader.
Plans to increase
annual production
to 350,000 vehicles
 In March 2011, it was reported that GM intended to increase the scale of its production in Russia to 350,000 vehicles and raise their local content ratio to 60%. It is said GM is considering the strengthening of facilities at its plant in St. Petersburg or increasing production at Avtotor, a local assembly manufacturer.

Source: GM's press release 2011.2.1
(Note) GM is currently manufacturing its vehicles at three plants in Russia; the Avtovaz plant in partnership since 2002, the Kaliningrad plant of Avtotor, a local assembly manufacturer, since 2004, and at its own plant in St. Petersburg since 2006.

India Drastic
strengthening of
product lineup
 GM sees India as one of the most important markets in the world and plans to invest $100 million in the passenger car plant in Halol in the state of Gujarat to launch six new passenger car models in the next two years. GM also plans to revamp 14 existing models. GM is said to be developing a cheaper model than the existing entry model, the Chevrolet Spark, using Shanghai Automotive's low-cost vehicle production technology and launch them in the Indian market.
 GM plans to enter the commercial vehicle market as well. It has been reported that GM will produce three models, including SAIC-GM-Wuling's mini vans and the models developed by Shanghai Automotive, in its Halol plant.
Production of locally
developed engines
 In January 2011, GM began producing the 1200cc Smart-Tech engines at Talegaon plant in the state of Maharashtra. The engine was developed by GM Technical Center-India in Bangalore. It uses aluminum cylinder-heads, DOHC system, etc, and will be used in GM's new models to be launched in Indian markets.

Source: GM's press release 2011.1.27

(Appendix) U.S. sales: 2.21 million vehicles sold in 2010 with a 19.1% market share; GM has a good start in 2011

 GM's light vehicle sales in the United States in 2010 rose from 2.07 million in 2009 by 6.8% to 2.21 million vehicles in 2010. GM's sales failed to catch up with the U.S. market's growth rate of 11.1% and its share fell from 19.9% to 19.1%.

 Light vehicle sales in the United States in January and February 2011 were 1,813,436 vehicles, up 22.6% from 2010. GM sold 385,925 vehicles during the same period, up 34.1% from the year earlier, with the new market share of 21.3%. The U.S. market saw an increase in the price of gasoline fuel in February and it was said this caused a shift to smaller cars among the consumers. According to GM, this has little effect on GM as it has enhanced its compact car lineup.

Light vehicle sales by the automaker

  2006 2007 2008 2009 2010 Jan.-Feb.
GM 4,065,341 3,822,611 2,954,819 2,071,749 2,211,699 287,850 385,925
GM's Share 24.5% 23.7% 22.3% 19.9% 19.1% 19.5% 21.3%
Ford 2,901,090 2,559,259 2,002,279 1,677,234 1,964,059 258,283 283,213
Chrysler 2,142,505 2,076,650 1,453,122 931,402 1,085,211 141,592 165,220
Detroit 3 9,108,936 8,458,520 6,410,220 4,680,385 5,260,969 687,725 834,358
Total Japan 5,768,783 5,961,524 5,236,300 4,208,299 4,475,708 557,795 687,254
Total Korea 749,822 772,482 675,139 735,127 894,496 110,681 141,342
Total Europe 932,084 961,538 924,059 807,699 959,101 123,156 150,482
TOTAL 16,559,625 16,154,064 13,245,718 10,431,510 11,590,274 1,479,357 1,813,436
Source: Automotive News 2011.1.10/2011.3.1
(Notes) 1. GM's light vehicle sales in the United States in January and February 2011 were 385,925 vehicles, up 34.1% from the year earlier, higher than the year-to-year growth rate, 22.6%, of the entire U.S. automotive market, and GM's market share increased to 21.3% as a result.
2. According to GM, its retail sales in the United States in January 2011 rose 36% but the less lucrative fleet sales fell 7% (up 22.3% as a whole from 146,314 to 178,897 vehicles).
3-1. The price of gasoline rose in February ($3.24 per gallon on February 21, $3.4 as of February end) and it was said this caused a shift to smaller cars in the market. But GM claims this has little effect on the company as it has strengthened its lineup of compact cars.
3-2. The gasoline price soared to $3.52 on March 7. In 2008, the gasoline price once topped $4 and caused a decline in demand not only for full-sized vehicles but for small cars as well (the peak price was $4.1 per gallon marked in July 2008).

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