GM Reports Net Income of $10 Billion for 2021
DETROIT – General Motors Co. reported Tuesday that it closed 2021 with a net profit of $10 billion for the year compared to net income of $6.4 billion during 2020 – an increase of 56%.
GM also forecast pretax earnings in 2022 between $13 billion and $15 billion, and net income ranging between $9.4 billion and $10.8 billion.
Revenue for the automaker stood at $127 billion in 2021 versus $122.4 billion the previous year, the automaker said.
The company posted net income of $1.7 billion during the three months ended Dec. 31, 2021. This compares to net income of $2.8 billion for the same period in 2020.
In a letter to investors, GM Chairwoman Mary Barra says the company is accelerating its plans to overhaul the automaker’s portfolio toward an all-electric future.
“Since 2020, we have announced investments totaling more than $14 billion in 10 sites across North America to increase our manufacturing capacity in the region to more than one million EVs annually by the end of 2025,” Barra wrote. “This is a key step to deliver on our commitment to achieve carbon neutrality in our global products and operations by 2040.”
You can read Barra’s letter in its entirety HERE.
Published by The Business Journal, Youngstown, Ohio.