P&A Providers & Administrators
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

Photo of gray SUV plugged into public electric-vehicle charger in parking lot
Industryby Hannah MitchellJuly 21, 2026

World EV Adoption Set to Grow

A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.

Read More →
Bar chart of truck and SUV segments' weekly value change
Industryby StaffJuly 21, 2026

Black Book: Weekly Market Update

Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.

Read More →
laptop with blue car on screen on a shopping website, Clear Costs Convert
Industryby Lauren LawrenceJuly 21, 2026

Pricing Transparency Drives Purchase Consideration

An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.

Read More →
Ad Loading...
Bar graphic of used-car segment weekly change
Industryby StaffJuly 14, 2026

Black Book: Weekly Market Update

Used-vehicle market depreciation was the prevailing story in the wholesale market last week.

Read More →
Light-blue Fiat car parked on a sunny Chicago street
Industryby Hannah MitchellJuly 14, 2026

Smaller Is Looking Better

A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.

Read More →
man sitting at desk using calculator with charts in front of him, to-go coffee cup on desk, rising and falling data chart in front
Industryby Lauren LawrenceJuly 14, 2026

U.S. EV Market Slowly Stabilizes

U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.

Read More →
Ad Loading...
blue background, map of the world with connecting lights and an electric vehicle emblem in the middle
Industryby Lauren LawrenceJuly 8, 2026

Global EV Market Entering New Phase

Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.

Read More →
Bar chart showing week-over-week wholesale automotive price change
Industryby StaffJuly 7, 2026

Black Book Weekly Market Update

The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.

Read More →
Photo of Honda CR-V SUV on two-lane road next to roadside trees
Industryby Hannah MitchellJuly 1, 2026

Auto Affordability in Context

Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.

Read More →
Ad Loading...
Line chart of used-vehicle days to turn over past week
Industryby StaffJune 30, 2026

Black Book: Weekly Market Update

Automotive auction inventory increased last week, giving choosy bidders even more leeway.

Read More →