General Motors enters 2024 confident after better-than-expected performance.

The American automobile manufacturer came up with numbers for the fourth quarter that were higher than predicted, demonstrating its confidence in the prognosis for 2024.

On Tuesday, the American vehicle maker General Motors announced results for the fourth quarter that were higher than predicted. These results demonstrated the company’s confidence in the outlook for 2024, which was a direct result of pricing remaining at a high level.

“Consensus is growing on the fact that the American economy, the job market, and vehicle sales will continue to demonstrate resilience,” Mary Barra, the CEO of General Motors, emphasized in a letter to shareholders that was distributed to the press. “At General Motors, we anticipate that automobile sales will be in good shape for the entire sector, with a share of electric vehicles that will continue to increase,” she continued. “We anticipate that about 16 million units will be sold nationwide.”

Over the course of the period spanning October to December 2023, the manufacturer achieved a turnover of $42.98 billion, representing a decrease of 0.3% compared to the previous year, and a net profit of $2.10 billion. Taking into account exceptional factors, which serve as a benchmark for the markets, the net profit was reported to be $1.24 per share, which represents a decrease of 41.5% over the course of one year. Nevertheless, this is greater than what analysts had anticipated, who were anticipating a price of $1.16 dollars.

The total revenues for the entire year came to $171.84 billion, which resulted in a net profit of $10.13 billion ($7.68 per share on a comparable basis). During the third quarter, an unprecedented strike that lasted for six weeks cost 1.1 billion dollars, primarily due to missed productivity.

It is anticipated that the company will generate a net profit of between $9.8 and $11.2 billion in 2024, which is equivalent to between $8.50 and $9.50 per share. In 2024, it anticipates that prices will continue to be at a high level. After a “relatively sluggish” 2023, General Motors anticipates a loss in China during the first quarter due to a significant stock at dealers. This is the reason for the company’s forecast.

When we consider the future, our obligations and priorities are very obvious. “They are to maximize our opportunities with the combustion vehicle portfolio (…), to improve the profitability of electric vehicles, to generate solid margins and liquidity, and to reposition and relaunch Cruise,” Ms. Barra stated. “These are the goals that we have set for ourselves.”

It was necessary for the business Cruise, which specializes in autonomous vehicles, to halt its operations at the end of October due to a number of accidents and the suspension of its authorizations in the state of California. In the year 2024, the organization intends to reduce money spent on this activity by one billion dollars.

“We continue to reevaluate our strategic course,” Chief Financial Officer Paul Jacobson said in a statement to the press.

GM “feels good in its current position” in relation to electric cars (EV), the rate of diffusion of which in the United States has proven to be less than anticipated in recent months. Additionally, GM has expressed satisfaction with its current position. There is “a lot of demand” for electric vehicles, according to Paul Jacobson, but “we remain measured and calculated.”

As a result of ongoing robust vehicle pricing in the face of strong demand in North America, General Motors reported increased quarterly profits on Tuesday. This helped to offset the negative impact that a worker strike had on the company.

The large American automobile manufacturer, which has recently relied on its domestic market during a period of decreased sales in China, reported earnings for the fourth quarter that above the forecasts of analysts. This was the case despite the fact that the strike, which had been going on for around six weeks, was resolved during the period.

Profits for the quarter that ended on December 31 totaled $2.1 billion, representing a five percent increase over the same time in the previous year. With a decrease of less than one percent, revenues came in at $43 billion.

Paul Jacobson, the Chief Financial Officer of General Motors, stated in a media conference call that the company’s performance were somewhat impacted by a hit of $1.1 billion that was caused by the strike by the United Auto Workers.

The corporation stated in a PowerPoint presentation that the strike caused a loss of sales for around 95,000 automobiles.

By reaching an agreement with other Detroit titans Ford and Stellantis, the United Automobile Workers (UAW) was able to increase hourly workers’ pay by 25 percent.

According to a letter provided to shareholders, General Motors’ Chief Executive Officer Mary Barra stated that the company is “well positioned for a year of strong financial performance” in the year 2024.

By a significant margin, the company’s estimated range for profits per share in 2024 was higher than the projections made by analysts.

“Consensus is growing that the US economy, the job market and auto sales will continue to be resilient,” Barra stated in his statement.

The corporation placed a significant amount of emphasis on its North American sector, which continued to achieve exceptionally high levels of sales of full-size pickup trucks and sport utility vehicles.

General Motors has also highlighted the company’s success in the market for subcompact SUVs, where the Chevrolet Trax, which is priced modestly, has seen growth, as well as in the market for “crossover” cars, which are somewhat smaller.

Due to the fact that it is slowing down several electric car initiatives and pivoting its Cruise autonomous vehicle venture to address safety issues, the company anticipates that its capital spending in 2024 will be between $10.5 and $11.5 billion. This is a somewhat lower estimate than what was previously anticipated.

With regard to electric vehicles, Barra mentioned that General Motors will increase production of automobiles like the Cadillac Lyriq and would bring new models to showrooms in 2024, one of which would be the Chevrolet Equinox EV.

Barra recognized that the rate of electric vehicle (EV) growth has slowed, which has resulted in some uncertainty. However, she said that growth in 2024 is still anticipated.

After an incident that occurred in October in San Francisco, in which a self-driving car operated by Cruise drove over a lady who had been knocked in front of it by a hit-and-run driver, General Motors has stated that it is “committed to earning back the trust of regulators and the public through our commitments and our actions.”

An analyst at Wedbush Securities named Dan Ives referred to the results as “solid” in a report from the company.

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