General Motors, the top-selling automaker in the U.S. last year, said all of its brands grew sales and that its revenue grew in the process by 10%.
Despite the slowdown due to union strikes in the fall, the Detroit-based company reported net income attributable to stockholders of $10.1 billion and earnings before interest and taxes of $12.4 billion.
CEO Mary Barra said in a letter to shareholders that GM expects another strong year in 2024.
“Consensus is growing that the U.S. economy, the job market and auto sales will continue to be resilient, and at GM, we expect healthy industry sales of about 16 million units with the mix of EVs continuing to grow.”
Barra said GM achieved “strong margins” with “stable pricing” and incentives more than 20% under the industry average, though she said GM beat Toyota and Honda at the affordability game with models like the Chevrolet Trax and the Buick Envista.
While it and other legacy auto brands have refocused their alternative-fuel visions toward hybrids as pure-electric demand didn’t surge the way they expected, Barra said GM will continue to grow its EV business.
“It’s true the pace of EV growth has slowed, which has created some uncertainty,” she wrote. “But many third-party forecasts have U.S. EV deliveries rising from about 7% of the industry in 2023 to at least 10% in 2024, which would mean another year of record EV sales.”
And despite significant setbacks of its automated-taxi unit, Cruise, which is under investigation by the U.S. Justice Department and Securities and Exchange Commission over a pedestrian accident and lost its permit to operate in California, Barra said it will “refocus and relaunch” it.
Originally posted on Auto Dealer Today