General Motors Co at Wolfe Research Global Auto, Auto Tech, and Mobility Conference Transcript
So look, everybody knows our next fireside chat is going to be with General Motors.
Just to introduce GM, in a pretty challenging environment last year, that tripped up more than a few global automakers. GM hit their targets once again. 2022 earnings were actually at the upper end of expectations that were set at the beginning of the year.
And it's really remarkable when you think about what the company faced. They wound up coming in with global EBIT of $14.5 billion, 9.2% global EBIT margin, 10% margins in North America, free cash flow of $10.5 billion.
Looking ahead to 2023, GM guided to EBIT of $10.5 billion to $12.5 billion. That was down $3 billion at the midpoint, with most of that decline attributable to pension accounting and an expected decline in GM Financial. And it's worth noting that within that guidance, GM, is absorbing the cost of at least half a dozen growth initiatives that we know of.
There's a barrage of EVs investment in new digital distribution network, expansion of Cruise,
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