U.S. tax reform caused General Motors to report a loss of $4.9 billion for the fourth quarter, while the company achieved record operating profit for the period.
Without the $7.3 billion noncash charge related to the tax overhaul, GM’s net income would have increased by $1.9 billion compared with the same period in 2016.
The results are based on continuing operations, which do not include those such as its former Opel/Vauxhall business, sold by GM to PSA Group in 2017. Overall, the net loss was $5.15 billion, with a larger tax-related charge of $7.9 billion.
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