General Motors has exceeded expectations as the company posted fourth-quarter revenues of $43.1 billion as well as earnings before interest and taxes (EBIT) of $3.8 billion.
As a result, the company finished 2022 with $156.7 billion in revenue and record earnings (EBIT) of $14.5 billion. While that sounds good, CNBC 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.
Also: GM Investing $918M In 4 U.S. Plants For New Small Block V8 And EV Components
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 (EBIT-adjusted) 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.”
The company also noted record sales for the Chevrolet Bolt and Bolt EUV, which were the best-selling mainstream EVs in the second half of 2022. GM says this shows the “importance of affordable EVs in our portfolio” and said they’re planning to increase production of the models this year.
Speaking of EVs, GM noted 2023 will be a “breakout year for the Ultium Platform” thanks to the launch of the Blazer EV, Equinox EV, and Silverado EV. 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.
Of course, EVs are only part of the story and GM noted spring launches include the redesigned Chevrolet Colorado and GMC Canyon. They’ll be joined by the facelifted Silverado HD and Sierra HD.
