Today, the American automaker General Motors (GM) reported on the results of its activities for the fourth quarter and all of 2022. The company reported fourth-quarter total revenue of $43.1 billion, up 28.4% from the same period in 2021. Net income rose 14.8% to $2 billion. GM’s annual revenue was $156.7 billion, up 23.4% year-on-year, and net income was $9.9 billion, down 0.8% than in 2021.
Thanks to the growth in the second half of the year and a significant improvement in the logistics of supplying components, which the company has been suffering from recently, GM managed to outperform forecasts analysts surveyed by Refinitiv. They expected $40.6 billion in quarterly revenue from the company, while the company received $43.1 billion, and forecast revenue per share of $1.69, while GM’s figure was $2.12.
After the publication of quarterly and annual reports, GM quotes jumped 10%. Investors reacted with optimism to overcoming logistics problems, as well as the company’s positive outlook for 2023 with expected profit in the range of $8.7-10.1 billion. A number of experts also appreciated GM message about entry in a project to develop the largest US lithium deposit Thacker Pass (Nevada). To do this, the automaker invested $650 million in the capital of Lithium Americas, which owns the rights to develop this field. This will give GM direct access to raw materials for the production of batteries for electric vehicles. In 2022, electric vehicle sales in the US grew up by 3.2%, while overall auto sales decreased by 8%.