GM Reports Nearly $10B in Income in 2022, $1.7B in Q4

General Motors Co. in Detroit today announced its fourth quarter (Q4) and full year earnings for 2022, showing earnings before interest and tax (EBIT)-adjusted of $3.8 billion in Q4 and $14.5 billion for the full year.
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2022 Chevrolet Bolt EV
The 2022 Chevrolet Bolt EV, one of many electric vehicle options from GM brands. // Courtesy of Chevrolet

General Motors Co. in Detroit today announced its fourth quarter (Q4) and full year earnings for 2022, showing earnings before interest and tax (EBIT)-adjusted of $3.8 billion in Q4 and $14.5 billion for the full year.

Both are increases over the previous year, jumping from $2.8 billion and $14.3 billion, respectively. It also reported a net income of $9.9 billion on the year and $1.7 billion on in the fourth quarter.

“GM led the U.S. 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,” writes Mary Barra, chairperson and CEO of GM in her letter to the shareholders.

GM North America accounted for the lion’s share of the earnings, totaling $3.6 billion for the quarter and $12.9 billion for the year. GM International accounted for $272 million of the EBIT-adjusted in Q4, and $1.1 billion on the year. GM Financial brought in $775 million in Q4 and $4.1 billion for the year.

Cruise, the autonomous vehicle technology subsidiary of GM, continued to decline in 2022, dropping from a minus $349 million EBIT-adjusted in Q4 of 2021 to minus $534 million in Q4 2022. Yearly, it declined from minus $1.2 billion in 2021 to minus $1.9 billion in 2022.

The company also advanced its EV goals in 2022.

“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 2024,” writes Barra.

The results show GM will continue to rely on gas-powered vehicles (primarily trucks and SUVs) to generate revenue and profits, especially as Tesla, and now Ford, have lowered EV prices in recent weeks. Barra said she doesn’t anticipate cutting prices for EVs.

Overall, the company sold a total of 967,000 vehicles in Q4 2022 across all brands, with GM North America accounting for 787,000 vehicles and GM International accounting for 180,000 vehicles. On the year, 3.6 million vehicles were sold, with a split of 2.9 million and 653,000 vehicles between GM North America and GM International respectively.

The company and Barra also provided an outlook for 2023, which includes cutting $2 billion in costs.

“We expect that our momentum will help us deliver strong results once again in 2023. In fact, we have all the essential ingredients to deliver EBIT-adjusted in a range of $10.5 billion to $12.5 billion thanks to our strong operating performance,” Barra writes