General Motors might be only three years removed from taxpayer-funded bankruptcy, but the automaker is already looking to substantially increase its profit margin to 10 percent over the next few years.
If GM can reach its 10 percent target, which was revealed by chief financial officer Daniel Ammann in an interview with the Wall Street Journal, the automaker could generate annual revenue of up to $15 billion.
That compares with what will likely be $8 billion in net income for GM in 2011 according to the Journal, which cited people who have seen the figures (GM will release its financial results on February 15). If that number turns out to be accurate, it would represent the greatest profit ever reported by company.
GM has several cost-cutting strategies planned to aid in its profitability quest, such as reducing global vehicle architectures from 30 to 18 by 2018 and cutting engine platforms from 20 to 10 during the same period.
