GM Beats Expectations for Q4 and Full-Year Profits, Sees Continued Gains in 2023

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GM Renaissance Center in Detroit.

General Motors on Jan. 31 reported pretax profit gains of $1 billion in the fourth quarter of 2022 to $3.79 billion. For the full-year, pretax profits rose to $14.5 billion compared with $14.3 billion in 2021.

GM's overall gains came from improved inventory of pickups and SUVs as parts constrictions eased. GM sold a total of 1.1 million full-size pickups, midsize pickups and full-size SUVs for the year, all of which carry big profit margins.

GM said it incurred a special charge of $511 million in the fourth quarter related to a buyout program for its Buick dealers. It also took a special charge of $657 million for closing its operations in Russia.

To read more, see the Detroit Free Press.

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