Tech

GM’s Q4 sales propose banner 2022


Strong pickup sales of existing pickups and SUVs in Q4, despite sales declines due to lack of semiconductors and supply chain constraints, GM is positioned for a strong start. until 2022 when the company moves to electrify and automate its vehicle services.

“Given the improving outlook for semiconductors in the US and China, we expect our 2022 results to remain good,” GM CEO Mary Barra wrote. in a letter to shareholders on Tuesday. “Actually, we expect Adjusted EBIT maintaining earnings at or near record levels between $13 billion and $15 billion, and investing more year over year in our growing businesses like Cruise, BrightDrop and the electric vehicle portfolio our rapid acceleration. “

Barra points to strong demand for GM’s growing line of electric vehicles powered by Ultium batteries – such as the now-available Hummer EV as well as the upcoming Silverado, Equinox, Sierra and Lyriq EVs – with a fraction of the efficiency. company’s financial results. GM’s Brightdrop EV6000 commercial vehicle is also receiving active interest from FedEx, Merchant’s Fleet and Walmart as green additions to their respective freight and delivery fleets, the company reported Tuesday. Three.

GM’s $35 billion EV and Autonomous Investment announced last June, has begun paying dividends. “Battery cells will not be a constraint to our long-term EV growth,” noted Barra. The company expects its first battery plant in Lordstown Ohio by mid-year, with two more expected to begin operations late next year and the location of the fourth site. to be announced later this spring. These will operate in tandem with the automaker’s Michigan-based Factory ZERO and Orion EV assembly plants.

On the autonomy front, GM has nothing but good news that its self-driving taxi service Cruise Officially begins offering drone rides to the public in San Francisco Tuesday.

“This milestone brings Cruise closer to offering its first paid rides and generating $50 billion in annual revenue by the end of the decade,” noted Barra. “It also means the SoftBank Vision Fund will invest – as planned – an additional $1.35 billion in Cruise. This is another strong vote of confidence for the Cruise team, its technology and its services. “

The company also reiterated its three ambitious climate goals during Tuesday’s earnings call: “be carbon neutral in our global products and operations by 2040,” eliminate “emissions from exhausts to new light vehicles and deliver all-electric heavy-duty vehicles by 2035” in line with California’s upcoming ban on the sale of emissions vehiclesand sourcing 100% of its energy production needs “from renewable sources by 2035 and by 2025 in the United States.”

While GM’s interest in electrified product lines helped boost sales, the lack of available microprocessors to include hurt the company’s overall numbers. GM delivered 441,000 vehicles to U.S. consumers in the fourth quarter of 2021, up from 447,000 vehicles in the third quarter and 771,000 vehicles in the fourth quarter of 2020. However, that drop resulted in only a small decline in total sales. $3.2 billion from $3.4 billion in the previous quarter.

Going forward, GM expects its first Cadillac Lyriq to begin shipping in less than 60 days while its first batch of Hummer EV pickups are ready for purchase. The company expects production of the EV600 to begin later this year with an initial capacity of about 30,000 units per year.

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