On January 30, General Motors released its 2023 annual financial report. Net income for the full year was $171.8 billion, net income was $10.1 billion and adjusted EBIT was $12.4 billion. It is worth mentioning that in the Chinese market, General Motors' high-end import car and lifestyle platform The Durant Guild will officially introduce two full-size SUV models, Chevrolet TAHOE Tahoe and GMC YUKON Yukon this year.
According to the full-year 2023 financial results, GM reported net income of $10.1 billion, adjusted EBIT of $12.4 billion, diluted earnings per share of $7.32 and adjusted diluted earnings per share of $7.68, and adjusted automotive cash flow of $11.7 billion.
For 2024, GM expects net income in the range of $9.8 billion to $11.2 billion, adjusted EBIT in the range of $12 billion to $14 billion, adjusted earnings per diluted share in the range of $8.50 to $9.50, and adjusted automotive cash flow in the range of $8 billion to $10 billion.
It is worth mentioning that GM's full-year net income for 2023 hit a record high, with a year-on-year increase of 10%. Adjusted EBIT exceeded financial expectations for the third year in a row. The company's performance in the U.S. market is particularly strong, ranking first in terms of sales. Its full-size pickup trucks continue to lead the segment, and full-size SUV sales have been the national champion for 49 consecutive years.
GM is fully committed to accelerating the development of its electric vehicle business while maintaining the steady growth of its combustion engine vehicle business. Last year, Buick's two Electra E4 and Electra 5 products sold more than 20,000 units after their launch in the Chinese market. This year, GM will release more Autonox models, all of which will cover all major brands and market segments, including the Chevrolet Equinox EV, Cadillac Escalade IQ, GMC Sierra EV and more.
At the same time, GM continues to invest in growth businesses. GM further strengthens its competitive edge in the EV supply chain ecosystem in the North American market, with the first battery joint venture plant now fully operational and the second set to begin operations in the first quarter of this year. In the Chinese market, GM's high-end import and lifestyle platform, The Durant Guild, will officially introduce two select full-size SUV models, the Chevrolet TAHOE Tahoe and the GMC YUKON Yukon, this year.
In a letter to shareholders, Mary Barra, Chairman and Chief Executive Officer of General Motors, said, "We delivered strong results last year, gained valuable experience, and laid a solid foundation for the business in the new year. We will further strengthen our strengths, face challenges head-on, continue to grow and profitability our electric vehicle business, and create greater value for our shareholders." ”
(Photo/Text: Netcom Zhang Xiaoyi)