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General Motors Co. (NYSE: GM) said today that fourth-quarter 2022 revenue was $43.1 billion, net income attributable to stockholders of $2.0 billion and EBIT-adjusted of $3.8 billion. GM’s full-year 2022 revenue was $156.7 billion, net income attributable to stockholders was $9.9 billion and EBIT-adjusted was a record $14.5 billion. Results were at the high-end of the company’s revised EBIT-adjusted guidance range. GM stock was up almost $3 per share immediately after the announcement.
GM led the US industry in total sales and delivered the largest year-over-year increase in market share of any OEM, because of strong consumer demand for its products and improved supply chain deliveries. GM was number one in total sales; sales of full-size pickup trucks, sales of full-size, large luxury SUVs; and number one in the sales luxury sports cars. (autoinformed.com on GM Investing in Full-Size Truck and SUV Production; Electrifying – Fastest Corvette in History is a Hybrid)
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GM also said expects its core automotive operations to perform at a “consistently strong level in 2023, with full-year net income attributable to stockholders of $8.7 billion-$10.1 billion, EBIT-adjusted of $10.5 billion-$12.5 billion, and EPS-diluted and EPS-diluted-adjusted of $6.00-$7.00.” GM also forecast strong cash flows from automotive operations for the calendar year, including net automotive cash provided by operating activities of $16.0 billion-$20.0 billion; and adjusted automotive free cash flow of $5.0 billion-$7.0 billion. Moreover, GM forecasts a doubling in company revenue to $275-$315 billion by 2030.
Much of GM’s momentum is provided by its Ultium EV strategy, which once mystified stock analysts. Ultium is the prime reason GM is launching high-volume EV products into multiple segments. GM is on track to open 4 battery cell plants targeting 160 GWh of capacity. GM is targeting 1M annual EV capacity in North America by 2025. Ultifi will help open up $20B-$25B in annual software and service revenue by 2030, including OnStar.
“By leveraging U.S.-made battery cells produced by our Ultium Cells joint venture and the scalability and flexibility of the Ultium Platform, we are accelerating production of the Cadillac LYRIQ, GMC HUMMER EV and BrightDrop Zevo 600, and we will launch exciting vehicles like the Chevrolet Silverado EV, Blazer EV and Equinox EV,” said CEO Mary Barra. “This keeps us on track to produce 400,000 EVs in North America from 2022 through the first half of next year. Our EVs are transformational in so many ways. We’re earning new customers. Our investments are creating new jobs. We’re moving closer to a world with zero crashes, zero emissions and zero congestion, and we believe our R&D, supply chain, manufacturing scale and distribution network will unlock the profitability of EVs.”
During 2023 Ultium Vehicle Launches
- Chevrolet Silverado EV WT
- GMC HUMMER EV SUV
- Chevrolet Blazer EV
- Chevrolet Equinox EV•
EV production is ramping up at Spring Hill, Factory Zero and CAMI
- Cell production ramping at Ultium cells manufacturing plant in Warren, Ohio
- beginning in Spring Hill, Tennessee in mid-2023
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 Record $14.5 Billion in Earnings During 2022
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General Motors Co. (NYSE: GM) said today that fourth-quarter 2022 revenue was $43.1 billion, net income attributable to stockholders of $2.0 billion and EBIT-adjusted of $3.8 billion. GM’s full-year 2022 revenue was $156.7 billion, net income attributable to stockholders was $9.9 billion and EBIT-adjusted was a record $14.5 billion. Results were at the high-end of the company’s revised EBIT-adjusted guidance range. GM stock was up almost $3 per share immediately after the announcement.
GM led the US industry in total sales and delivered the largest year-over-year increase in market share of any OEM, because of strong consumer demand for its products and improved supply chain deliveries. GM was number one in total sales; sales of full-size pickup trucks, sales of full-size, large luxury SUVs; and number one in the sales luxury sports cars. (autoinformed.com on GM Investing in Full-Size Truck and SUV Production; Electrifying – Fastest Corvette in History is a Hybrid)
Click for more information.
GM also said expects its core automotive operations to perform at a “consistently strong level in 2023, with full-year net income attributable to stockholders of $8.7 billion-$10.1 billion, EBIT-adjusted of $10.5 billion-$12.5 billion, and EPS-diluted and EPS-diluted-adjusted of $6.00-$7.00.” GM also forecast strong cash flows from automotive operations for the calendar year, including net automotive cash provided by operating activities of $16.0 billion-$20.0 billion; and adjusted automotive free cash flow of $5.0 billion-$7.0 billion. Moreover, GM forecasts a doubling in company revenue to $275-$315 billion by 2030.
Much of GM’s momentum is provided by its Ultium EV strategy, which once mystified stock analysts. Ultium is the prime reason GM is launching high-volume EV products into multiple segments. GM is on track to open 4 battery cell plants targeting 160 GWh of capacity. GM is targeting 1M annual EV capacity in North America by 2025. Ultifi will help open up $20B-$25B in annual software and service revenue by 2030, including OnStar.
“By leveraging U.S.-made battery cells produced by our Ultium Cells joint venture and the scalability and flexibility of the Ultium Platform, we are accelerating production of the Cadillac LYRIQ, GMC HUMMER EV and BrightDrop Zevo 600, and we will launch exciting vehicles like the Chevrolet Silverado EV, Blazer EV and Equinox EV,” said CEO Mary Barra. “This keeps us on track to produce 400,000 EVs in North America from 2022 through the first half of next year. Our EVs are transformational in so many ways. We’re earning new customers. Our investments are creating new jobs. We’re moving closer to a world with zero crashes, zero emissions and zero congestion, and we believe our R&D, supply chain, manufacturing scale and distribution network will unlock the profitability of EVs.”
During 2023 Ultium Vehicle Launches
EV production is ramping up at Spring Hill, Factory Zero and CAMI
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.