GM Posts Record 2011 Earnings; Surpasses Toyota as #1

General Motors announced 2011 net income was a record $7.6 billion, up from $4.7 billion in 2010. Revenue increased 11% from $135.6 billion in 2010 to $150.3 billion in 2011.

GM’s vehicle sales of 9,026,000 in 2011 was up from 8,385,000 in 2010 or 7.6% higher. According to a recent news release from Toyota, the Japanese carmaker said it expects full fiscal year ending March 31, 2012 vehicles sales will be 7,410,000 units. GM said its market share was 11.9%, up from 11.5% in 2010.

“In our first full year as a public company, we grew the top and bottom lines, advanced our global market share and made strategic investments in our brands around the world,” said Dan Akerson, chairman and CEO. “We will build on these results as we bring more new cars, crossovers and trucks to market, and make GM a far more efficient global team. This includes reducing our break-even level in Europe and South America and driving higher revenues around the world.”

The Associated Press said GM’s previous record was set in the truck boom of 1997 when the carmaker earned $6.7 billion. The AP also noted that the 2011 numbers were so good that 47,500 blue-collar workers will get $7,000 profit-sharing checks, the maximum allowable under their new union contract.