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

Gas pumps.
Industryby Lauren LawrenceJune 15, 2026

Consumer Outlook on the Rise

Younger generations are feeling more positive about their financial futures and current affordability pressures than older generations, according to recent TransUnion data.

Read More →
Group photo of men outside storefront.
Industryby Hannah MitchellMay 28, 2026

Pennsylvania Dealership Under New Retailers

The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.

Read More →
Hallway with lockered wiring and computer
Industryby Lauren LawrenceMay 28, 2026

Battery Storage Takes Priority Over EVs

U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.

Read More →
Ad Loading...
Gray-scale photo of a line of Mini cars in a dealership parking lot
Industryby Hannah MitchellMay 27, 2026

Auto Dealers Feel Better But Not Great

A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.

Read More →
Closeup photo of the front of a white car
Industryby Hannah MitchellMay 21, 2026

New-Vehicle Sales Picture Relative

A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.

Read More →
Nissan logo on front of building
Industryby Lauren LawrenceMay 21, 2026

Auto Group Acquires Third Nissan Rooftop

Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.

Read More →
Ad Loading...
Couple talking with auto salesman next to new car inside dealership
Industryby Hannah MitchellMay 20, 2026

April Less Affordable

Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.

Read More →
Wooden people figures of different colors in a row, similar to board game pieces
IndustryMay 20, 2026

Building an Extraordinary F&I Agency

Work to determine your specialized talent, because that fact will determine everything about your agency’s future.

Read More →
Ingredient card, policies and procedures, fixed operations, variable operations, data security, audit
Industryby Jim GantherMay 19, 2026

Recipe for Compliance

The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.

Read More →
Ad Loading...
Photo of new Chevrolet Bolt parked on a beach
Industryby Hannah MitchellMay 14, 2026

EVs Getting More Attractive

A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.

Read More →
Ad Loading...