GM reports robust performance in 2022

By Xu Jing

CHICAGO, Jan. 31 (Xinhua) -- General Motors Co. (GM) released its 2022 performance on Tuesday, showing that the company raked in 9.9 billion U.S. dollars in net income in 2022, slightly down from 10 billion dollars in 2021.

Nevertheless, against headwinds of supply chain woes and rising interests, the U.S. automaker's full year 2022 revenue came at 156.7 billion dollars, up from the 127 billion dollars in 2021; and its earnings before interest and tax (EBIT) was a record 14.5 billion dollars. These results were at the high-end of the company's previously revised guidance, according to figures released on GM's website.

In the fourth quarter, GM made 2 billion dollars in net income on revenue of 43.11 billion dollars, as against 1.7 billion dollars in net income on revenue of 33.5 billion dollars in the same period of 2021. The EBIT in the quarter was 3.8 billion dollars.

The company's net income margins in 2022 were 6.3 percent. Its pre-tax earnings in GM North America totaled 13 billion dollars, up from 10.3 billion dollars in 2021; and GM International's pre-tax earnings were 1.1 billion dollars, up from 827 million dollars made in 2021.

GM expects consistent strength in its core auto operations in 2023, with full-year EBIT in the range of 10.5 billion to 12.5 billion dollars and full-year net income in the range of 8.7 billion to 10.1 billion dollars.

The Detroit-based automaker plans to build about 400,000 electric vehicles in North America between now and the first half of 2024, as its financial results will hinge mainly on sales of combustion-engine trucks and SUVs. But it expects revenue from electric vehicles to reach 50 billion dollars in 2025.

In early January, GM reported that it sold 2,274,088 new vehicles in 2022, up 2.5 percent over 2021. And it reclaimed the title of top-selling U.S. automaker from Toyota Motor Corp. after losing the title in 2021.

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