General Motors hurt in Europe

GENERAL Motors said yesterday it recorded “another solid year” after its fourth-quarter earnings jumped 89 per cent to $892m (£575.5m), despite wider losses in Europe and higher costs in its core North American market.

Full-year profits at the firm fell 36 per cent to $4.9bn, due in part to higher tax rates, while revenues rose 1.5 per cent to $152bn.

GM’s operations in Europe, where the firm has struggled to return to profit since its 2009 bankruptcy, delivered a $1.8bn loss in the year, worse than the $700m loss posted in 2011.