Strong performance helps transform GM's net profit in 2021 reached tens of billions of dollars

According to the 2021 annual financial report released by General Motors a few days ago, its net profit reached $10 billion, and its adjusted EBIT and profit margin were $14.3 billion and 11.3%, respectively; Earnings per diluted share were $6.70 and adjusted diluted earnings per share were $7.07; Adjusted cash flow from automotive business was $2.6 billion.

GM launches new Ultium Global Electric Vehicle Platform in 2021 (file photo)

Looking ahead to 2022, GM expects its net profit to be in the range of $9.4 billion to $10.8 billion, and adjusted EBITda is expected to be between $13 billion and $15 billion; Adjusted diluted earnings per share are expected to be between $6.25 and $7.25.

In her letter to shareholders, Ms. Mary Barra, Chairman and CEO of GM, said: "Strong financial strength will help GM accelerate its transformation, continuously expand its business scope, improve profitability, and strive to build a new format of electric vehicles and autonomous driving, leading the future development of personal mobility."

Based on strong financial support, GM will accelerate its investment in growth business areas such as electric vehicles and autonomous driving. In 2021, GM launched the new Ultium Global Electric Vehicle Platform, creating a diversified lineup of electric products covering all brands and market segments. The models unveiled include the GMC Hummer Pure Electric Pickup Truck, the BrightDrop EV600 Pure Electric Logistics Truck, the Cadillac LYRIQ Luxury Smart Electric SUV, and the Chevrolet Silverado Pure Electric Pickup Truck. Reservations for the first Aoteneng model in the Chinese market, the LYRIQ, began in November last year, and the market response was enthusiastic.

In order to match the rapid launch of products, GM is actively deploying electric vehicle production capacity around the world. Since 2020, the company has announced that it will build 10 new battery and electric vehicle assembly plants in North America, with a total investment of more than $14 billion. It is expected that by 2025, the annual production capacity of electric vehicles in the North American market will exceed 1 million units. China's first Aoteneng Gigafactory, which assembles battery packs for domestic electric vehicles, was also officially put into operation in Jinqiao, Shanghai, in October last year.

Cruise continues to advance the commercial application of autonomous driving technology and has made major breakthroughs. Since November last year, Cruise Fleet has officially launched a driverless shared mobility service in San Francisco, further polishing the hardware and software system. Recently, the company announced that it will invite San Francisco citizens to sign up to experience this service. The SoftBank Vision Fund will invest an additional $1.35 billion in Cruise.