General Motors is doubling down on its electric vehicle ambition after closing 2022 with record high earnings. The Detroit auto giant today (Jan. 31) reported a profit of $3.8 billion, or $2.12 per share, on $43 billion in revenue for the three months ended Dec. 31, handily exceeding analyst expectations.
GM shares jumped more than 7 percent in today’s morning trading.
In a letter to shareholders today, GM CEO Mary Barra describes 2023 as a “breakout year” for the company’s electric vehicle business. She confirmed GM’s plans to produce 400,000 EVs in North America between 2022 and the first half of 2024.
GM has several mainstream EV models in the works: It has just begun production of the electric GMC Hummer SUV at a plant in Detroit. An electric Chevrolet Silverado truck is expected to enter assembly by mid-2023. And the electric versions of the Chevrolet Blazer and Equinox will begin production during the second half of 2023.
Today GM also announced a $650 million equity investment in Lithium Americas Corp., a lithium mining company, to develop a lithium mine in Nevada. As an investor, GM will receive exclusive access to phase one of production, the automaker said.
The announcement sent the shares of Lithium Americas up nearly 10 percent in today’s morning trading.