agent Entrepreneur logo
MenuMENU
SearchSEARCH

GM Finishes Year Strong

General Motors Co. posted a $2 billion net profit in the fourth quarter finishing the year strong despite supply chain struggles, record prices and other disruptors.

January 31, 2023
GM Finishes Year Strong

General Motors Co. posted a $2 billion net profit in the fourth quarter finishing the year strong despite supply chain struggles, record prices and other disruptors.

IMAGE: GM

2 min to read


General Motors Co. posted a $2 billion net profit in the fourth quarter of 2022, finishing the year strong despite supply chain struggles, record prices and other disruptors.

GM reported $14.5 billion in pretax profit for all of 2022, which is an annual record and at the high end of the range it forecasted in November. The automaker’s revenue rose 28% to $43.1 billion.

Ad Loading...

In addition, the company’s vehicle output in North America jumped 37% in the fourth quarter from 2021, according to research firm Wards Intelligence.

For 2023, GM puts its estimated pretax profit between $10.5 billion and $12.5 billion, or $6 to $7 a share, above the average analysts’ forecast of $5.78 a share, according to FactSet.

The quarterly performance report sent stock soaring, with it up over 7% in morning trading. Fourth quarter net profit rose 15% from$1.7 billion in Q4 2021.

The automaker has also reported plans to invest $650 million in a mining company to extract lithium for electric batteries in Nevada. Mining will take place at Thacker Pass, the largest known source of lithium in the U.S. GM plans to use lithium carbonate extracted there for electric-vehicle batteries.

GM execs also told analysts the automaker has no intention in engaging in an EV price war, following price cuts from Tesla Inc.

Ad Loading...

“We think right now we’re priced where we need to be,” GM Chief Executive Mary Barra said on an earnings call.

GM finance chief Paul Jacobson agreed, saying, “Our customers say that our vehicles are priced well, based on the demand that we’re seeing.”

Poor economic conditions are on the automaker’s radar, with executives noting plans to cut $2 billion in costs over the next two years. They say these cuts will come from vehicle development programs, company overhead and employee attrition, not layoffs.

The company reported it will make a record $500 million in profit-sharing payments to hourly employees represented by the United Auto Workers union. The union reports that equates to an average check of $12,750 for eligible employees.

Originally posted on Auto Dealer Today

More Industry

Two white men's shaking hands
Industry•October 15, 2026

Penske Auto Group Deal a Record

The deal to take the dealership and transportation services company private sets a new pace for industry buy-sell transactions.

Read More →
Rows of cars parked in exterior lot
Industry•by Hannah Mitchell•October 8, 2026

War Toll a Damper on Used Auto Prices

Cox Automotive found wholesale depreciation to be elevated in September amid high fuel prices and this year's unusual hurricane season.

Read More →
Mechanic cleaning interior of engine
Industry•by Lauren Lawrence•October 8, 2026

Bridge the Maintenance Gap

With many drivers missing recommended maintenance, service departments offering transparency and efficiency have a better chance of reaching financially strained consumers.

Read More →
Ad Loading...
Ford F-150 truck rounding a curve
Industry•by Hannah Mitchell•October 1, 2026

California Store Has New Owner

The longtime dealership in the northern part of the state is known for robust fleet sales and has served the state capital for 115 years.

Read More →
crane lowering a pipeline into the ground
Industry•by Lauren Lawrence•October 1, 2026

BMW Plant Pursues Cleaner Energy

BMW Group Plant Leipzig has utilized hydrogen to help power its production since 2013, but a new pipeline is planned to take it to another level.

Read More →
Two dodge cars outside of dealership.
Industry•by Lauren Lawrence•September 17, 2026

Auto Affordability Inches Up

The latest Cox Automotive and Moody’s Analytics index shows a slight increase in new-vehicle affordability despite high prices.

Read More →
Ad Loading...
Five men smiling for photo in front of Honda car dealership.
Industry•by Lauren Lawrence•September 10, 2026

Ohio Auto Group Under New Ownership

After 79 years with the Schluter family, Mansfield Auto Group has been acquired by Missouri-based Clement Auto Group.

Read More →
Blue and white RV parked on beach facing the ocean.
Industry•by Lauren Lawrence•September 3, 2026

RV Group Expands Carolina Footprint

Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.

Read More →
Photo of two men and one woman on a discussion panel
Industry•by Hannah Mitchell•September 1, 2026

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 →
Ad Loading...
Gloved hand holding two wrenches next to “Turn Overdue into Opportunity” Graphic
Industry•by Lauren Lawrence•August 27, 2026

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 →
Ad Loading...