That record was set despite a softer fourth quarter in the U.S.
Strong retail demand for full-size trucks and SUVs in the United States and growth in China are among factors pushing General Motors' earnings in 2016 to a record $12.5 billion, the company said this morning.
That pre-tax total is up 15 percent from 2015, and net earnings are $9.4 billion.
U.S. earnings reached a record $12 billion in 2016, beating the previous year's total by $1 billion.
That record was set despite a softer fourth quarter, which saw U.S. sales revenue drop from 2.8 billion to 2.6 billion.
"By almost any measure, 2016 was a great year for our business and I am confident we can achieve even stronger results," said Mary Barra, chairman and CEO, in this morning's news release. "We'll work to build on our momentum, while continuing to drive our company to innovate and shape the future of mobility."
GM, based in Detroit, is the leader in U.S. automotive market share at 17.5 percent, ahead of Ford at 14.8 percent and Chrysler at 14.5 percent.
Due to the earnings results, about 52,000 GM employees in North America will receive profit sharing payments of $12,000.
North America remains GM's biggest market. It recorded declines in South America and Europe, and the international market - including China - fell from $1.4 billion to $1.1 billion. GM Financial also posted an earning increase, going to $0.9 billion from $0.8 billion in 2015.
Global sales reached 10 million units, up 1.2 percent from 2015. The U.S. portion was 3.04 million.
According to GM:
- Chevrolet was the fastest- growing U.S. brand in 2016, gaining 0.5 percentage points of U.S. retail market share.
- Opel/Vauxhall improved market share in 18 of 22 European markets, led by the European Car of the Year, Opel Astra, which was up more than 25 percent versus 2015.
- Cadillac volume in China rose 46 percent to 116,406.
- Chevrolet Trax and Buick Encore combined retail sales in the U.S. increased 28 percent in 2016.
- In 2017, GM plans to launch the all-new Chevrolet Equinox and Traverse, and GMC Terrain.
Looking ahead to 2017, GM said it expects its global sales through new or refreshed vehicles to increase through 2020. It's projecting 38 percent more sales, up from 26 percent from 2011-2016.
Driving that increase: "Crossovers, trucks and SUVs are expected to represent a majority of this volume," according to the company's release.
Meanwhile, the company announced in January that it would invest at least $1 billion in U.S. manufacturing. The changes - including moving axel production from Mexico to Michigan - are expected to create or retain 7,000 jobs.
The investments follow $2.9 billion announced in 2016 and more than $21 billion GM has invested in its U.S. operations since 2009, according to the company.
GM also recently announced a new fuel cell collaboration with Honda, a move that will lead to production of that form of electric vehicle by 2020.
The company also is launching production of self-driving vehicles this spring in a formerly closed plant in Lake Orion.