GM Earnings Jump in 2021
GM reported a net profit of $10 billion for 2021 and reported full-year pretax rose 47% to hit a record $14.3 billion.
GM reported a net profit of $10 billion for 2021 and reported full-year pretax rose 47% to hit a record $14.3 billion.
IMAGE: GM
General Motors posted a 56% jump in net income in2021, though it wasn’t enough to keep its top spot as the top-selling automaker in the United States.
GM reported a net profit of $10 billion for 2021 and reported full-year pretax profit, which strips out nonrecurring items, rose 47% to hit a record $14.3 billion.
The automaker’s revenue rose 3.7% in 2021 to $127 billion, despite production cuts resulting from the computer-chip shortage and a lack of new inventory on dealership lots. Fourth-quarter profit slid 39% as supply chain shortages took a toll on factory output in 2021.
GM forecasts earnings of $9.4 billion and $10.8 billion in net income in 2022. This forecast assumes demand remains steady and there are no significant economic or supply-chain challenges, reported the automaker.
Analysts expect Ford Motor Co. also will report strong profits when it releases year-end. In October, it boosted its sales forecasts from $10.5 billion to $11.5 billion.
Originally posted on Auto Dealer Today
More Industry
RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Recalled Vehicles Hit 5-Year High
Though the number of events has fallen so far this year, impacted units are up significantly. Meanwhile, regulators consider consumer notification changes.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →