GM reports revenue decrease in North America

LORDSTOWN

General Motors made $2.1 billion in North America during the third quarter of 2017, down from last year’s $3.6 billion.

For every billion brought in, eligible hourly employees receive $1,000 in profit sharing.

So far this year, GM’s North American segment has brought in $9 billion, down from last year’s $9.7 billion.

In 2016, up to 52,000 employees had the opportunity to receive up to $12,000 in a record profit-sharing payout.

The amount workers receive is dependent upon how many hours they’ve worked, according to the United Auto Workers/GM agreement.

Profit sharing impacts the local economy through the Lordstown Assembly Complex where 3,000 are employed to build the Chevrolet Cruze.

“What it does is in increase disposable income and we see that being put to use in a variety of ways, usually in consumer spending,” PNC economist Mekael Teshome said. “Some of it does get saved. The impact is not permanent but it is a little shot in the arm.”

Overall, the Detroit automaker reported a net loss of $3 billion compared with last year’s profit of $2.8 billion due to the sale of its Opel/Vauxhall brands in Europe.