GM’s chief executive, Mary Barra, sent a letter to shareholders in advance of the shareholder meeting. She noted that the company increased its full-year revenue by 9%, leading the United States in total, retail, and fleet deliveries alike. GM’s market share increased partly at the cost of Stellantis.
The company’s market share in electric vehicles doubled, making their EV’s “variable profit positive” in the fourth quarter, as Barra had predicted. It will take more time to make back the EV investment, but the company no longer sells electric cars at a loss.
The main problem for GM was China. The company restructured its operations there at great cost.
UAW-represented employees set a profit-sharing record of up to $14,500 per person, while investors had a 50% total return.
GM is set to launch three electric Cadillacs in 2025, the Escalade IQ, OptIQ, and VistIQ, and expects EV profits to continue to increase as a factor of scale. New gasoline and battery powered SUVs debuted in 2024.
David Zatz started what was to become the world’s biggest, most comprehensive Mopar site in 1994 as he pursued a career in organizational research and change. After a chemo-induced break, during which he wrote car books covering Vipers, minivans, and Jeeps, he returned with Patrick Rall to create StellPower.com for daily news, and to set up MoTales for mo’ tales.
David Zatz has around 30 years of experience in covering Chrysler/Mopar news and history, and most recently wrote Century of Chrysler, a 100-year retrospective on the Chrysler marque.
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