General Motors has reported a marked rise in revenue as a string of markets performed well for the automotive giant in 2003.

The firm enjoyed a 2003 net income of $US3.8 billion, while revenue rose 4.6 per cent to $185.5 billion from its 2002 level of $177.3 billion.

However, chairman and chief executive officer Rick Wagoner said global automotive operations earned $396 million in the fourth quarter of 2003, a dip on the $574 million earned in the same quarter a year earlier.

Nevertheless, in Asia the story was encouraging, while European losses were not as bad as some feared during last year.

'GM reported solid overall results in 2003, reflecting strong contributions from GMAC and our Asia Pacific automotive operations,' said Mr Wagoner.

For all of 2003, GM's automotive operations earned $1.1 billion, with GM reporting sales in the US picking up during the course of the year.

'While overall market share was down, we were pleased with our sales momentum in the second half of 2003 when our market share was 28.7 per cent,' Wagoner said.

'As we continue our aggressive new-product cadence, we are optimistic about increasing market share in 2004.'

'In 2004, we expect to improve our operating performance as we launch new models such as the Opel Astra, Vectra wagon and a new, small convertible.'

GM is anticipating sales in the global motor industry sales rising by about three per cent in 2004 in total, to a record 60 million vehicles.

In the US, the firm has predicted total industry vehicle sales of approximately 17.3 million, and says it is expecting robust industry growth in Asia Pacific with mild growth in Europe and the LAAM region.