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General Motors reports lower than expected profit

Vehicles enter and exit the downtown on the freeway, in front of General Motors World Headquarters in downtown Detroit, Michigan July 20, 20
Vehicles enter and exit the downtown on the freeway, in front of General Motors World Headquarters in downtown Detroit, Michigan July 20, 20

DETROIT (WKZO) -- General Motors reported an overall net income of 3.8-billion dollars for 2013 but that was 22-percent lower than last year.

Higher taxes, costs associated with introducing new products and continued sales problems in Europe all contributed to the lower profit.   In North America, GM remained strong with a record operating profit of 7.5-billion dollars for the year.

The automaker will hand out profit sharing checks to hourly employees in the U.S. of 75-hundred dollars.

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