DETROIT – General Motors Co. on Wednesday reported 2021 full-year earnings that include net income of $10 billion.
The automaker also said an adjusted Earnings Before Interest and Taxes of $14.3 billion, net income margin of 7.9%, EBIT-adjusted margin of 11.3%, EPS-diluted of $6.70 and EPS-diluted-adjusted of $7.07.
GM’s full-year net income, EBIT-adjusted, EBIT-adjusted margin and EPS measures are all records.
GM’s fourth-quarter results include net income of $1.7 billion, net income margin of 5.2%, EPS-diluted of $1.16, EPS-diluted-adjusted of $1.35, EBIT-adjusted of $2.8 billion and EBIT-adjusted margin of 8.5%.
GM CEO Mary Barra told shareholders in a letter dated Wednesday the financial success from 2021 is allowing the automaker to accelerate its efforts in the electric vehicle industry.
“Last year, after committing billions of dollars to develop the Ultium Platform — a high-energy, low-cost battery cell and one modular EV architecture and component set — we delivered our first GMC Hummer EVs and BrightDrop EV600 cargo vans to customers,” Barra wrote. “These two products couldn’t be more different despite sharing Ultium DNA, which underscores the industrial and financial strength of our strategy.
“Now, backed by consistently strong financial results, including … the overwhelmingly positive customer response to other Ultium vehicles we have shown so far, like the Chevrolet Silverado EV, the Cadillac LYRIQ and the Chevrolet Equinox EV, we are accelerating our plan,” she added.
The company expects full-year 2022 net income to be in a range of $9.4 billion-$10.8 billion and EBIT-adjusted to be in a range of $13.0 billion-$15.0 billion, assuming continued steady demand for new vehicles and no significant new economic or supply chain challenges.