Record sales prices drive GM profit up 56% to $10B last year

DETROIT (AP) — General Motors increased its net income 56% last year, helped by higher prices for its vehicles that were made scarce by a global shortage of computer chips.

The Detroit automaker said Tuesday that it made $10.02 billion for the full year. And it predicted record pretax earnings in 2022 of $13 billion to $15 billion and net income of $9.4 billion to $10.8 billion.

Excluding one-time items, GM made $7.07 per share for the year, beating analyst estimates of $6.83.

Full year revenue of $127 billion fell short of estimates of $128.7 billion.

In the fourth quarter, GM made a $1.7 billion net profit.

Categories: National News