General Motors Co. in Detroit today reported its 2021 full-year and fourth quarter results showing a net income on the year of $10 billion and a net income margin of 7.9 percent.
The earnings before interest and taxes (EBIT) adjusted was $14.3 billion and the EBIT-adjusted income margin was 11.3 percent. Earning per share (EPS) diluted came in a $6.70 and the EPS-diluted-adjusted showed $7.07. The net income, EBIT-adjusted income and margin, and EPS measures are all company records.
“Backed by consistently strong financial results, including record EBIT-adjusted of $14.3 billion in 2021 and the overwhelmingly positive customer response to other Ultium vehicles we have shown so far, like the Chevrolet Silverado EV, the Cadillac LYRIQ, and the Chevrolet Equinox EV, we are accelerating our plan,” said Mary Barra, CEO and chair of GM in a letter to shareholders.
GM’s fourth-quarter results include net income of $1.7 billion, net income margin of 5.2 percent, EPS-diluted of $1.16, EPS-diluted-adjusted of $1.35, EBIT-adjusted of $2.8 billion, and EBIT-adjusted margin of 8.5 percent.
The company expects full-year 2022 net income to be in a range of $9.4 billion-$10.8 billion and EBIT-adjusted to be in a range of $13 billion to $15 billion, assuming continued steady demand for new vehicles and no significant new economic or supply chain challenges.
“Since 2020, we have announced investments totaling more than $14 billion in 10 sites across North America to increase our manufacturing capacity in the region to more than 1 million EVs annually by the end of 2025,” says Barra. “This is a key step to deliver on our commitment to achieve carbon neutrality in our global products and operations by 2040.”
The company has expanded beyond its Ultium platform, which supports the incoming electric vehicles. Its Ultifi software, the new all-brand used-vehicle platform CarBravo, OnStar expansions, and GM Defense also saw new commitments to innovation that the company expects to help double the company’s annual revenue by 2030.
In addition, GM’s autonomous vehicle ride-hailing business, Cruise, announced this morning it is opening up its driverless rides to the public in San Francisco. Member of the public can sign up through a waitlist on the Cruise website.
“This major milestone brings Cruise even closer to offering its first paid rides and generating $50 billion in annual revenue by the end of the decade,” says Barra. “It also means that the SoftBank Vision Fund will invest — as planned — an additional $1.35 billion in Cruise. This is another strong vote of confidence in the Cruise team, its technology, and services.
“By going all-in to build an EV and AV ecosystem, we are expanding the scale, scope and profitability of our business, and extending our transportation leadership into the future.”