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GM earns $2.8 billion in 2014, spends $2.8 billion on recalls

The GM Headquarters at the Renaissance Center in Detroit
Brandon C
The GM Headquarters at the Renaissance Center in Detroit

General Motors reports earning $2.8 billion last year, despite issuing a record number of recalls.

GM recalled more than 26 million vehicles in the U.S., and 30 million globally.

GM CEO Mary Barra says the recall crisis was "galvanizing."

"We have built what I believe is the best safety organization in the industry, and we are instilling a zero-defect mindset across the company," she told analysts and investors during a conference call on the fiscal year's financial results.

GM also reports its global pensions are underfunded by $24.1 billion, up from $19.9 billion at the end of 2013.

GM says under current economic conditions, it expects no significant, mandatory contributions to domestic defined-benefits pension plans for at least five years. 

The automaker has no current plans to make voluntary cash contributions to its underfunded pensions in 2015.

Tracy Samilton covers energy and transportation, including the auto industry and the business response to climate change for Michigan Public. She began her career at Michigan Public as an intern, where she was promptly “bitten by the radio bug,” and never recovered.
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