CEO: GM Posted Record Profits Last Year

June 12, 2012 Updated Jun 12, 2012 at 6:39 PM EDT

Detroit, Mich. (Indiana's NewsCenter) -- General Motors posted record profits last year.

That's one of the topics GM'S boss discussed during today's annual share holders meeting in Detroit.

Dan Akerson, CEO of General Motors says, "Making GM great again is what we, as a team, are working toward."

Akerson addressed stock holders during their annual meeting at GM's World Headquarters in Detroit.

Akerson says, "Our sales were up in very region, we grew our market share, global market share."

Especially in China, and South America.

But, Akerson reminds stock holders, and reporters, all the news is not good.

Akerson launched GM's return to Wall Street in November 2010. Shares sold for $33 each during the initial public offering. They've lost a third of their value since then.

"There's uncertainty about the future, the most obvious is Europe," says Akerson

Poor sales there continue hurting GM and Detroit's other Big 3 automakers.

Another thing that has helped GM is the new deal with the United Auto Workers union, which was reached relatively quickly. GM does not expect that to happen with another union. Windsor, Ontario is about a mile away from GM's World Headquarters. Labor talks begin with the Canadian Auto Workers later this year.

Akerson says, "Building a car in Canada is the most expensive place to build a car in the world right now."

GM is also working with its European unions to help save money.

Hourly workers currently get pensions as part of their labor agreement.

But, Akerson is not closing the door on offering them pension buyouts, like salaried employees.

It's all part of the effort to keep General Motors on the road to profitability since it emerged from the 2009 bankruptcy.

GM cut the number of brands it offers when it came out of bankruptcy.

But, Akerson believe GM still has too many models, and wants to reduce them further by 2018