Michaeli wrote that checks with auto dealers suggest that pickup sales will show a big jump again in February, perhaps in the area of 20 percent over the same month in 2012.
General Motors Co. on Thursday posted a profit of $4.9 billion for 2012, down 36 percent from a year earlier, when it made $7.6 billion. Its net income fell because of European losses and a truckload of one-time accounting adjustments in both years. Last year's pretax profit, which excludes the one-time items, still dropped, but only by 5 percent to $7.9 billion. Revenue for the year rose 1 percent to $152.3 billion.
GM shares fell to less than $19 last summer on worries in Europe. But the company has rebounded of late, partly because GM bought 200 million of its shares back from the U.S. government for $5.5 billion in December. GM stock slipped 18 cents, less than 1 percent, to $27.58 in midday trading Tuesday.