GM Reports Nearly $36M in Q1 Revenue, Driven by ‘Robust Demand’
DETROIT — General Motors Co. expects a full-year 2022 net income to range between $9.6 billion to $11.2 billion and is reaffirming its pretax adjusted earnings forecast in a range of $13 billion and $15 billion.
The company released its results for the three quarters ended March 31, reporting $35.97 million in revenue, which is up $3.5 million from the same quarter a year ago. GM attributes the earnings to “improved production and robust customer demand in North America,” according to a release.
The company’s first quarter net income margin was 8.2%, down from 9.3% from a year ago. Net income attributable to stockholders also dipped to $2.9 million for the first quarter of 2022, down from $3 billion a year earlier.
In a letter to shareholders, GM Chairwoman Mary Barra said the company’s EBIT-adjusted $4 billion is “yet another example of how the disciplined approach to our transformation is building momentum that will establish General Motors as the EV and AV leader across our product portfolio, our patented Ultium Platform, our supply chain and more.
Launching more electric vehicles is the “catalyst for growth” with the company, and GM looks to produce a million units of EV capacity in North America by the end of 2025, and expanding from there, Barra wrote. She sees electric trucks as the company’s biggest growth opportunity.
“In North America alone, we target production of 400,000 all-electric vehicles over the course of 2022 and 2023,” Barra said. “We’ve led the full-size pickup segment for two consecutive years, and we will lead the EV truck market as well.”
Additionally, GM expects to deliver “record U.S. sales” for the Bolt EV and Bolt EUV this year, she said.
You can read Barra’s letter in its entirety HERE.
Image: Courtesy of GM
Published by The Business Journal, Youngstown, Ohio.