General Motors posted a record profit of $7.6 billion in 2011, although its losses in Europe were very high -- $700 million.
In a conference call with analysts, GM CEO Dan Akerson called Europe a "rather challenging market, not only for GM and Opel, but also for our competition."
GM also lost $100 million in South America.
Most of the money GM made came from sales in North America. GM made $7.2 billion before taxes in the region.
GM plans to make major structural changes in Europe to reduce its persistent losses there.
The company also announced it will freeze its existing "defined benefit" pension plan for U.S. salaried workers, who instead will receive contributions to a 401(k) plan.