General Motors reports record full year earnings

2021 was a great year for GM as the American company earned a record profit last year.

GM reported record net income of $10 billion, EBIT-adjusted of $14.3 billion, net income margin of 7.9% and EBIT-adjusted margin of 11.3%. If this success is carried into 2022, then GM is hoping for full-year net income of between $9.4 billion and $10.8 billion, and EBIT-adjusted of between $13.0 billion and $15.0 billion.

The automotive giant is now preparing to have an all electric lineup and currently offers two EVs - the Chevrolet Bolt and Bolt EUV. On top of those two, General Motors will be having the 2024 Equinox, Blazer EVs, upcoming Silverado EV, GMC Sierra EV, Cadillac Lyriq and, of course, the Hummer EV in its electric vehicle arsenal by 2024.

To accelerate its charge, GM will be investing in more than 1 million units of annual EV capacity by the end of 2025, including 600,000 trucks. Not just that, the American brand will also be expanding the battery capacity in North America.

Mary Barra,GM’s CEO, said: “By going all-in to build an EV ecosystem, we are expanding the scale, scope and profitability of our business, and extending our transportation leadership into the future.”