Fox Business Briefs: General Motors announces it will invest $2.2 billion in the Detroit-Hamtramck assembly plant and creating 22,000 jobs.
General Motors posted a fourth-quarter loss as the United Auto Workers strike heavily impacted its business.
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The Detroit-based automaker lost $194 million, or 16 cents a share, as net revenue fell 19.7 percent from a year ago to $30.8 billion. Adjusted earnings of 5 cents a share topped the 1 cent that analysts expected.
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For the full year, GM earned $6.7 billion, down 17.4 percent from the prior year, including the $3.6 billion hit from the UAW strike. Annual revenue was $137.2 billion, down 6.7 percent from the prior year.
“GM is positioned for strong, long-term business results with a focus on sustainability, and we are confident that our EV and AV strategies will drive shareholder value while improving the environment,” CEO Mary Barra said in a statement, referring to electric and autonomous, or self-driving, vehicles.
This story is developing. Check back for updates.
