General Motors (NYSE: GM) today reported first-quarter 2023 revenue of $40.0 billion, net income attributable to stockholders of $2.4 billion – EBIT-adjusted $3.8 billion. Earnings per share of $2.21 increased from $2.09 (diluted and adjusted) year-over-year. GM delivered 1.38 million vehicles globally, off slightly from Q4 2022. Overall, the decent, arguably championship, performance was highlighted by the restructuring of General Motors International (GMI) that resulted in record profits, excluding China. GM left Wall Street expectations in its dust as it surpassed them.
“Once again, we delivered strong earnings thanks to healthy customer demand for our vehicles, our intense focus on operational excellence, and great teamwork between General Motors, our dealers, our suppliers and our unions. I want to thank everyone for their efforts,” said CEO Mary Barra.
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“In addition, we delivered more than 20,000 EVs, thanks to the third consecutive quarter of record Chevrolet Bolt EV and Bolt EUV deliveries and rising Cadillac LYRIQ sales. We are now #2 in the U.S. market, and we increased our EV market share by 8 percentage points,” Barra said. “As we look at the performance of the business and the opportunities ahead of us, we’re able to raise our full-year 2023 earnings guidance to a range of $11 billion–$13 billion,” Barra announced.*
In the US, GM led the industry in retail and fleet deliveries, commercial deliveries and truck sales. GM had the largest year-over-year increase in market share of any automaker with strong production, balanced inventories and pricing. (autoinformed.com on: GM Posts Record $14.5 Billion in Earnings During 2022; Ford Motor Q1 and March Sales off -17% and -26%. Cars Dying; GM Q1 2023 US Sales Increase 18% as Trucks and SUVs Lead)
In a related announcement, GM said this morning that it is partnering with Samsung SDI to open a fourth US battery cell plant GM, of course, has multiple cell partnerships – one with LG Energy Solution and one with Samsung SDI. They, in theory, will allow GM to increase its EV assembly capacity in North America “significantly above 1 million units.” GM wants to produce 400,000 EVs over the course of 2022, 2023 and the first half of 2024, including 50,000 EVs in North America in the first half of this year, and double that in the second half.
*GM Updated full-year 2023 Earnings Guidance:
- S. GAAP net income attributable to stockholders of $8.4 billion-$9.9 billion, compared to the earlier outlook of $8.7 billion-$10.1billion, including $0.9 billion of charges related to the voluntary separation program.
- EBIT adjusted $11.0 billion-$13.0 billion, compared to the previous outlook of $10.5 billion-$12.5 billion.
- S. GAAP net automotive cash provided by operating activities of $16.5 billion-$20.5 billion, compared to the previous outlook of $16.0 billion-$20.0 billion.
- Adjusted automotive free cash flow of $5.5 billion-$7.5 billion, compared to the previous outlook of $5.0 billion-$7.0 billion.
Full financial results information is at https://investor.gm.com.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
GM Posts 2023 Q1 Revenues of $40B, Earnings of $2.4B
General Motors (NYSE: GM) today reported first-quarter 2023 revenue of $40.0 billion, net income attributable to stockholders of $2.4 billion – EBIT-adjusted $3.8 billion. Earnings per share of $2.21 increased from $2.09 (diluted and adjusted) year-over-year. GM delivered 1.38 million vehicles globally, off slightly from Q4 2022. Overall, the decent, arguably championship, performance was highlighted by the restructuring of General Motors International (GMI) that resulted in record profits, excluding China. GM left Wall Street expectations in its dust as it surpassed them.
“Once again, we delivered strong earnings thanks to healthy customer demand for our vehicles, our intense focus on operational excellence, and great teamwork between General Motors, our dealers, our suppliers and our unions. I want to thank everyone for their efforts,” said CEO Mary Barra.
Click for more information.
“In addition, we delivered more than 20,000 EVs, thanks to the third consecutive quarter of record Chevrolet Bolt EV and Bolt EUV deliveries and rising Cadillac LYRIQ sales. We are now #2 in the U.S. market, and we increased our EV market share by 8 percentage points,” Barra said. “As we look at the performance of the business and the opportunities ahead of us, we’re able to raise our full-year 2023 earnings guidance to a range of $11 billion–$13 billion,” Barra announced.*
In the US, GM led the industry in retail and fleet deliveries, commercial deliveries and truck sales. GM had the largest year-over-year increase in market share of any automaker with strong production, balanced inventories and pricing. (autoinformed.com on: GM Posts Record $14.5 Billion in Earnings During 2022; Ford Motor Q1 and March Sales off -17% and -26%. Cars Dying; GM Q1 2023 US Sales Increase 18% as Trucks and SUVs Lead)
In a related announcement, GM said this morning that it is partnering with Samsung SDI to open a fourth US battery cell plant GM, of course, has multiple cell partnerships – one with LG Energy Solution and one with Samsung SDI. They, in theory, will allow GM to increase its EV assembly capacity in North America “significantly above 1 million units.” GM wants to produce 400,000 EVs over the course of 2022, 2023 and the first half of 2024, including 50,000 EVs in North America in the first half of this year, and double that in the second half.
*GM Updated full-year 2023 Earnings Guidance:
Full financial results information is at https://investor.gm.com.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.