"General Motors Surpasses Expectations, Foresees Higher Profits Despite Slower EV Growth"
General Motors Co. exceeded expectations with a net income of $10.1 billion in 2023, up from $9.9 billion in 2022, and revenue of $171.8 billion, with $2 billion in net income in the fourth quarter. The strong financial performance will result in profit-sharing bonuses for hourly employees, and GM expects adjusted earnings of $12-14 billion in 2024. The company faces pressure to expand its EV offerings and address safety concerns with its autonomous vehicle unit, Cruise LLC, while dealing with unexpected delays in EV production. GM's sales in the United States increased by 14% in 2023, marking its best performance since 2019, and the company is closely watching Ford Motor Co. and Stellantis NV's upcoming earnings reports.