Weak European Sales Behind GM Earnings Miss

Daniel Ammann, GM's CFO, put the best face on the results, calling them "very robust" in an interview on CNBC's "Squawk Box" early Thursday.

GM's quarter "sets us up nicely for 2013," Ammann said. "We have a huge onslaught of product introductions coming into 2013, here in the U.S. and all around the world." (See full video below.)

Yet the company continues to grapple with problems that forced it into the embrace of a government-led bailout four years ago.

GM's worldwide market share declined slightly during the quarter, from 11.5 to 11.6 — underscoring the intense global competition from its challengers in Asia and Europe. Year over year, the erosion was more pronounced: GM's market share went to 11.5 percent during the year from 11.9 percent in 2011.

In its Europe segment, the company reported a $700 million adjusted loss in the quarter, compared to a $600 million loss in the prior year-ago quarter, even as its International Operations saw a modest profit.

The results raise questions about how GM will fare once the federal government exits its 40 percent stake of the company's stock. In December, the Treasury Department announced a plan to sell its shares within 12 to 15 months, all but guaranteeing a loss of nearly $49.5 billion.

GM completed its second full year as a public company since its fall 2010 initial public offering, which followed the bankruptcy restructuring and $50 billion U.S-taxpayer bailout of the prior year.

The U.S. government plans to sell 40% of its General Motors stock within weeks and to sell the rest of its shares within 12 to 15 months, officials announced this morning.