General Motors (NYSE: GM) has announced its earnings for Q4 and Full Year 2022, beating consensus expectations and detailing its 2023 electric vehicle outlook.
GM made waves in the auto industry earlier this month after it was revealed that the American auto group had finally overtaken Toyota as the United States’ highest-producing automaker, selling 2.27 million vehicles in the United States. Unsurprisingly, this massive market share netted the company impressive amounts of revenue, among numerous positive indicators for investors.
During 2022, GM earned $14.5 billion in revenue (EBIT), crushing Wall Street’s expectations, and further grew revenue per share from $1.16 per share in Q4 2021 to $1.39 in Q4. However, earnings per share were down in total, falling from $6.70 per share to $6.13.
Following the news of record earnings, and GM’s partial acquisition of lithium mining company Lithium Americas, its stock skyrocketed and has remained elevated in the first half of the day.
On top of its revenue success, GM CEO Mary Barra noted that the Chevy Bolt had become the United States’ favorite affordable EV, further indicating “the importance of affordable EVs in [its] portfolio.” The company now aims to produce 70,000 Chevy Bolt and Bolt EUVs this year after reaching record production in 2022.
“2023 will also be a breakout year for the Ultium Platform,” Barra continues. “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. This keeps us on track to produce 400,000 EVs in North America from 2022 through the first half of next year.”
As pointed out in the company’s press release earlier today detailing the partial acquisition of a lithium mining company, GM’s EV production growth past the next year and a half will be dependent on growing supplies of batteries as it looks to lower costs and maintain profitability.
While some GM EV projects are not as timely to the EV market as many would have liked, it is now more than ever dedicated to the endeavor. With a slew of new offerings coming to the North American market, the EV transition is slated for another year of dramatic growth, hopefully allowing ever more people to access cleaner mobility.
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