GM Grew U.S. EV Sales Almost 60% in 2022

General Motors ended 2022 with solid sales results in the U.S., selling more cars and electric vehicles.
On Wednesday, GM reported fourth-quarter U.S. sales volumes of 623,261 units, including 16,266 all-electric vehicles. For the quarter, total units rose about 41% year over year.
Supply chain problems and a shortage of semiconductors have constrained global auto production for years. Things have been improving slowly, but 2023 global auto production still isn’t expected to hit 2019 levels.
Low production hasn’t been all bad for car companies. Dealer inventories are low, pricing is higher, and profit margins are solid. GM is expected to generate an operating profit of about $13.3 billion in 2022. It generated $8.4 billion in 2019.
Wall Street projects GM will earn about $10.7 billion in operating profits in 2023.
$GM.US$ rose 1.9% at $34.45 shortly after results were released. The $.SPX.US$ +0.89% and Dow Jones Industrial AverageDJIA +0.47% are both flat in early Wednesday trading.
Over the past 12 months, GM stock is down about 48%. Rising interest rates, inflation, and a slowing global economy have sapped some investors’ enthusiasm for car stocks.