US car manufacturing giant General Motors has announced record profits for 2011 but unveiled huge losses in its European operations.
GM made a profit of $7.6bn (£4.85bn) last year, an increase of 62% on 2010.
However, it lost $700m in Europe, which includes its UK Vauxhall plants in Ellesmere Port and Luton, and made a $100m loss in South America.
The company, which faced bankruptcy two years ago, saw sales rise 7.6% last year to more than 9 million vehicles and much of its growth came from North America, where profits more than tripled to $7.19bn in 2011.
In 2008, GM filed for Chapter 11 bankruptcy protection and received a $50bn bailout from President Barack Obama’s administration, with the US government still owning 32%.
In the UK, Vauxhall has about 4,500 staff, making the Astra van, estate and hatchback models.
General Motors’ chief financial officer, Dan Ammann, said: “Behind the scenes, we are working hard to eliminate complexity and cost throughout the organization to increase margins in all of our regions and return Europe and South America to profitability.”
Source: BBC News