General Motors has reported fourth quarter 2023 revenue of US$43bn (down 0.3% year on year, net income of $2.1bn (up 5.2%) and EBIT-adjusted of $1.8bn (down 53.8%).

According to Reuters, GM said the decrease reflected the impact of last autumn’s United Auto Workers’ strikes, higher costs at Cruise and a $1.1bn writedown related to EV battery cells held in stock.

Full year 2023 revenue was $171.8bn (up 9.6%), net income $10.1bn (up 1.9%) and EBIT-adjusted $12.4bn (down 14.6%).

Full year 2024 guidance is net income of $9.8bn to $11.2bn and EBIT-adjusted of $12bn to $14bn.

“Consensus is growing that the U.S. economy, the job market and auto sales will continue to be resilient,” GM chief executive Mary Barra told investors in a letter cited by Reuters.

Chief financial officer Paul Jacobson said in a call with reporters the automaker expected its electric vehicle operations would begin returning variable profit by the second half of 2024, the news agency reported.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Separately, Reuters said, GM faces deepening challenges in China, once its largest market. Domestic Chinese automakers and Tesla are gaining share with electrified vehicles, fresh infotainment technology and aggressive price cutting. GM expects to post a loss for the current quarter, Jacobson told the news agency.

“We have a lot of inventory we are working through in first quarter” in China, he added.