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General Motors (NYSE: GM) today reported fourth-quarter 2023 revenue of $43.0 billion with net income attributable to stockholders of $2.1 billion and EBIT-adjusted of $1.8 billion. GM sold 6,186,000 vehicles globally during the year with North America accounting for almost half of the total. GM also reported full-year 2023 revenue of $171.8 billion, net income attributable to stockholders of $10.1 billion and EBIT-adjusted results of $12.4 billion. This is $7.32 of earnings per share, easily topping its final 2023 guidance.* (AutoInformed: GM Takes UAW Contract Costs in Stride. Ups 2024 Dividend)**
“As we begin 2024, I believe GM is well positioned for a year of strong financial performance that will build on everything we accomplished – and learned – in 2023,” said Mary Barra, GM chair and CEO. “Consensus is growing that the US economy, the job market and auto sales will continue to be resilient, and at GM, we expect healthy industry sales of about 16 million units with the mix of EVs continuing to grow,’ Barra said.
GM’s Summary
- Total GM revenue grew +10% year-over-year (YoY).
- During 2023 in the US, GM sold more vehicles than any other company.
- All GM brands increased sales YoY.
- GM gained market share with stable pricing and incentives that were more than 20% below the industry average.
- GM led the industry in initial quality for the second year in a row, according to J.D. Power.**
- GM has now led the auto industry in combined pickup, full-size van and full-size SUV sales for 10 consecutive years.
- GM claimed to have passed Honda and Toyota in the “most affordable quadrant” with profitable vehicles such as the Chevrolet Trax, and the Buick Envista.
GM and Electric Vehicles
Barra made the following observations and predictions:
- GM expects its US portfolio will become variable profit positive in the second half of the year based on current GM forecasts for EV demand and production growth, strong interest in GM vehicles, lower commodity prices and unspecified other factors.
- The rate of EV growth has slowed, which has created some uncertainty. However, third-party forecasts have US. EV deliveries rising from about 7% of the industry in 2023 to at least 10% in 2024, which would mean another year of record EV sales.
- GM’s competitive position will improve throughout the year, based on higher production of the Cadillac LYRIQ, GMC HUMMER EV, Chevrolet Blazer EV and Silverado EV Work Truck.
- The Chevrolet Equinox EV and Silverado EV RST, the GMC Sierra EV Denali and the Cadillac Escalade IQ will appear in showrooms over the course of the year.
“To summarize, we learned a lot in 2023, and those learnings are helping us build on our strengths, address our challenges, and create an even stronger GM with a growing and profitable EV business. Everyone on the team is focused on strong execution to sustain our momentum and create shareholder value, and we are deeply committed and accountable to do exactly that,” Barra said.
GM 2024 Guidance
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*GM 2024 guidance includes an estimated $1.45 per share impact from the company’s accelerated share repurchase program (initiated in November 2023) based on current share price and offset by $0.50 from a higher tax rate and lower interest income. It assumes a full-year weighted-average diluted share count slightly below 1.15 billion shares.
GM’s 2024 financial guidance includes anticipated capital spending of $10.5 billion – $11.5 billion, inclusive of investments in the company’s battery cell manufacturing joint ventures.
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GM Earns $2.1 Billion in Q4, $17.8 Billion for Full Year 2023
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General Motors (NYSE: GM) today reported fourth-quarter 2023 revenue of $43.0 billion with net income attributable to stockholders of $2.1 billion and EBIT-adjusted of $1.8 billion. GM sold 6,186,000 vehicles globally during the year with North America accounting for almost half of the total. GM also reported full-year 2023 revenue of $171.8 billion, net income attributable to stockholders of $10.1 billion and EBIT-adjusted results of $12.4 billion. This is $7.32 of earnings per share, easily topping its final 2023 guidance.* (AutoInformed: GM Takes UAW Contract Costs in Stride. Ups 2024 Dividend)**
“As we begin 2024, I believe GM is well positioned for a year of strong financial performance that will build on everything we accomplished – and learned – in 2023,” said Mary Barra, GM chair and CEO. “Consensus is growing that the US economy, the job market and auto sales will continue to be resilient, and at GM, we expect healthy industry sales of about 16 million units with the mix of EVs continuing to grow,’ Barra said.
GM’s Summary
GM and Electric Vehicles
Barra made the following observations and predictions:
“To summarize, we learned a lot in 2023, and those learnings are helping us build on our strengths, address our challenges, and create an even stronger GM with a growing and profitable EV business. Everyone on the team is focused on strong execution to sustain our momentum and create shareholder value, and we are deeply committed and accountable to do exactly that,” Barra said.
GM 2024 Guidance
Click to enlarge.
*GM 2024 guidance includes an estimated $1.45 per share impact from the company’s accelerated share repurchase program (initiated in November 2023) based on current share price and offset by $0.50 from a higher tax rate and lower interest income. It assumes a full-year weighted-average diluted share count slightly below 1.15 billion shares.
GM’s 2024 financial guidance includes anticipated capital spending of $10.5 billion – $11.5 billion, inclusive of investments in the company’s battery cell manufacturing joint ventures.
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