GM reports 7.7% rise in Q4 turnover

The world's largest auto maker, General Motors, said today fourth quarter profits were the same as last years at $1bn (€0.79bn).

Excluding special items fourth-quarter profits were $838m (€670m), down from $934m (€747m).

Turnover for the quarter was up 7.7 % to $49.1bn (€39.2bn), ahead of forecasts.

General Motors said it fell short of its financial targets in Europe.

Earnings at its General Motors Acceptance Corporation (GMAC) subsidiary declined 20 % to $630m (€503m).

The GMAC subsidiary offers financial services under the GMAC brand.

The company said today it is "optimistic" about growing its market share this year.