GM reported strong financial results for the fourth quarter and calendar year 2023, with EBIT-adjusted of $12.4 billion and adjusted auto-free cash flow of $11.7 billion.
The company expects healthy industry sales of about 16 million units in 2024 and plans to produce 200,000 to 300,000 Altium-based EVs in North America this year.
GM aims to achieve variable profit positivity for its US EV portfolio in the second half of 2024 based on current expectations for EV demand and production growth.
The company is committed to eliminating tailpipe emissions from its light-duty vehicles by 2035 but plans to deploy plug-in hybrid technology in select vehicles in North America as an interim measure.
GM anticipates fixed cost net reductions of $2 billion by the end of 2024, offsetting higher labor costs, and expects capital spending to be flat year-over-year at around $10.5 billion to $11.5 billion.
Cruise, GM's self-driving subsidiary, is undergoing significant changes and will have reduced spending in 2024. The company remains committed to Cruise and is developing a new roadmap and financial targets.
Overall, GM is focused on maximizing opportunities with its ICE portfolio, growing its EV business profitably, delivering strong margins and cash flow, and addressing challenges in areas such as software stability and customer experience. The company continues to prioritize returning cash to shareholders through dividends and share repurchases.
Undervalued by 32.7% based on the discounted cash flow analysis.
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About General Motors Company
CEO: Mary Barra
General Motors is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet,Buick,GMC,Cadillac, Baojun and Wuling brands.