General Motors' Record Profits and Electric Vehicle Plans

2021 Financial Highlights

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

• Record net income of $10 billion
• EBIT-adjusted of $14.3 billion
• Net income margin of 7.9%
• EBIT-adjusted margin of 11.3%

If this success is carried into 2022, GM is hoping for a 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.

All-Electric Lineup by 2024

The automotive giant is now preparing to have an all-electric lineup, currently offering two EVs:

• Chevrolet Bolt
• Chevrolet Bolt EUV

In addition to these models, General Motors will introduce several more electric vehicles (EVs) by 2024, including:

• 2024 Equinox EV
• Blazer EV
• Upcoming Silverado EV
• GMC Sierra EV
• Cadillac Lyriq
• Hummer EV

Investment in Electric Vehicle Capacity

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. Additionally, the American brand will also be expanding the battery capacity in North America.

CEO Statement

Mary Barra, GM’s CEO, stated: “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.”