General Motors, the biggest U.S. automaker by sales, posted better-than-expected fourth quarter results that lifted full-year earnings to record levels, and issued a powerful 2023 outlook.
GM reported earnings per share (EPS) of $2.12, a third better than analysts’ forecasts. Sales rose 28.4% to $43.11 billion, also above estimates. That lifted full-year earnings for 2022 to a record $11 billion, up from $10.4 billion in 2021.
CEO Mary Barra credited the gains to increased demand for GM’s vehicles and improved supply chain conditions. She added the company believes its momentum “will help deliver strong results once again in 2023,” with adjusted earnings before interest and taxes (EBIT) of $10.5 billion to $12.5 billion. GM anticipates full-year EPS of $6 to $7, exceeding expectations.
In addition, Barra indicated that GM’s Ultima electric vehicle (EV) platform will have a “breakout year,” and the carmaker is accelerating production of its current EVs and is set to launch new models. She explained that GM is on track to produce 400,000 EVs in North America from 2022 through the first half of 2024.
Lithium Mine Deal
GM also announced a $650 million investment and supply agreement with Lithium Americas to develop the Thacker Pass mine in Nevada, the largest lithium mine in the U.S. and third-largest in the world. Lithium is a key ingredient in batteries used to power EVs.
Shares of General Motors (GM) are up over 7%. Lithium Americas (LAC) shares are soaring 12%.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.