General Motors today reported fourth quarter 2022 revenue up 28% year on year to US$43.1bn, net income up 14.8% to $2bn and EBIT-adjusted up 33.8% to $3.8bn.
Full year 2022 revenue was up 23.4% to $156.7bn, net income down 0.8% to $9.9bn and EBIT-adjusted up 1.3% to a record $14.5bn.
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Results were at the high end of the company’s revised EBIT-adjusted guidance range.
“The company expects its core auto operations to perform at a consistently strong level in 2023, with full year net income of $8.7bn-$10.1 billion, EBIT-adjusted of $10.5bn-$12.5bn, and EPS-diluted and EPS-diluted-adjusted of $6.00-$7.00,” the automaker said in a statement.
“GM led the US industry in total sales and delivered the largest year over year increase in market share of any OEM, thanks to strong demand for our products and improved supply chain conditions,” CEO Mary Barra said in a letter to shareholders.
“Chevrolet and GMC are the clear market leaders in the US for pickups and full size SUVs.
“We are gaining considerable market share in our fleet business, especially with commercial customers, and we believe our growing portfolio of EVs will enhance this strong performance.”
