General Motors has exceeded expectations as the company posted fourth-quarter revenues of $43.1 billion as well as earnings before interest and taxes of $3.8 billion.
As a result, the company finished 2022 with $156.7 billion in revenue and record earnings of $14.5 billion. While that sounds good, noted the company’s net income and profit margin fell, while they also ended up spending $511 million in the fourth quarter to buyout Buick dealers who didn’t want to embrace EVs.Looking into the future, the company is expecting “core auto operations to perform at a consistently strong level in 2023.” In particular, they’re expecting earnings of between $10.5 and $12.5 billion this year. The company is also expecting earnings per share of between $6.00 and $7.00.
In a letter to shareholders, the company said they “delivered results that truly set us apart from our competition.” It went on to say, “GM led the U.S. industry in total sales and delivered the largest year-over-year increase in market share of any OEM, thanks to strong demand for our products and improved supply chain conditions.” , which were the best-selling mainstream EVs in the second half of 2022.
. GM also said they’re “accelerating production” of the Cadillac Lyriq and GMC Hummer EV Pickup, which will soon be joined by a new SUV variant.
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Source: Reuters - 🏆 2. / 97 Read more »