General Motors Q4’22 earnings call

General Motors hosted its Q4 2022 earnings call on Jan 31, 2023. The highlights:

• Chevrolet and GMC delivered more than 1.1 million full-size pickups, full-size SUVs and midsized pickups in the US – about 350,000 units more than its closest competitor
• On commercial fleet – earned the business of more than 300 major commercial accounts over the last several years, which led to GM’s best year for commercial delivery since 2006
• Growing portfolio of EVs – will have 9 EVs in the market in North America, including the Chevrolet Bolt EV and EUV, which saw record sales
• “Not planning layoffs” but limiting hiring to only the most strategically important roles
• Announced the largest ever investment by an automaker in battery raw materials – making an equity investment of up to $650 million in Lithium Americas to help them develop the largest known lithium resource in the US and the third largest globally
• Lithium Americas estimates that the potential output from this project could support annual production of up to 1 million EVs and create 1,000 new jobs in construction and another 500 in operations
• GM will have exclusive access to the lithium offtake in the first phase of the project
• Generated full year revenue of $156.7 billion, representing year-over-year growth of 23%
• Cars – “priced where [they] need to be”