"General Motors Surpasses Q4 Sales and Profit Expectations, Expects Stronger 2024 Profit Despite Slower EV Growth"
General Motors (GM) reported a Q4 sales and profit beat, with revenue of $42.98 billion and adjusted earnings per share of $1.24, and issued an improved profit outlook for 2024, expecting adjusted EBIT of $12 billion to $14 billion. However, the company admitted that the pace of its electric vehicle (EV) growth has slowed, leading to some uncertainty. GM also revealed a $10 billion share repurchase program and a 33% increase in its common stock dividend. Despite the UAW strike, GM's Q4 sales were not significantly affected, and it forecast total US auto industry sales to reach 16 million in 2024. Overseas, GM is projecting a loss in China for Q1, and its Cruise AV business unit is under investigation following an accident involving a robotaxi.