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

Feb 4, 2015

General Motors headquarters in the Renaissance Center in downtown Detroit
Credit Brandon C / Flickr

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.