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GM releases 2019 financial report and 2020 performance outlook

Source: China Automotive News Network | 2020-02-07 17:12:37
On February 5, General Motors (NYSE: GM) released its full-year financial report in Detroit showing its 2019 net profit of $ 6.7 billion.

China Automotive News Network On February 5, General Motors (NYSE: GM) released its full-year financial report in Detroit showing its 2019 net profit of $ 6.7 billion. After taking into account the $ 3.6 billion in losses caused by the strike, adjusted EBITDA was $ 8.4 billion. Looking forward to 2020, GM expects adjusted adjusted diluted earnings per share to reach US $ 5.75 to US $ 6.25, and cash flow from operating activities of the automotive business will remain strong, between US $ 13 billion and US $ 14.5 billion.

GM Chairman and CEO Mary Barra said, "GM is continuing its transformation into the future, focusing on sustainability and achieving long-term and sound business development. We believe that electrification and automation strategies can not only Improving the environment will also create more value for shareholders. "

Towards a future of pure electric

GM is steadily advancing various tasks and fully moving towards the future of pure electric. The company recently announced that it has invested $ 2.2 billion in the Detroit-Hamtramck plant in Michigan to produce multiple brands of pure electric trucks and SUVs, including the new GMC Hummer. Among them, pure electric pickups will be officially put into production in the fall of 2021.

Last December, General Motors announced a joint venture with LG Chem to build a plant in the Lordstown, Ohio area to produce battery cells on a large scale to further reduce battery costs. The plant will have an annual production capacity of more than 30GWh.

Cruise launches Origin's pure electric autonomous driving shared vehicle

In January of this year, Cruise released a new pure electric autonomous driving shared model Origin to create a more optimized, safer and more economical travel experience for users. Origin's available mileage will exceed one million miles, and the manufacturing cost is about half of that of an ordinary electric SUV. The model will be produced in the Detroit-Hamtramck plant in the future.

Full-size pickups gain momentum

The outstanding performance of Chevrolet and GMC full-size pickup trucks has laid a solid foundation for the company's annual performance. The combined market share of the Chevrolet Solod and GMC Sierra models has increased by about 1 percentage point. The Solod and Sierra heavy-duty pickups were officially released in the fourth quarter of last year, further improving GM's layout in the full-size pickup segment. These two high-margin products will continue to make a significant contribution to the company's performance in 2020.

Impact of the strike

Affected by the strike of the National Automobile Workers' Union (UAW), GM ’s plant in the United States stopped production for four weeks in the fourth quarter, and its wholesale sales decreased by about 190,000. The strike caused a loss of $ 3.6 billion in adjusted earnings before interest and taxes for the year, and the adjusted cash flow from the automotive business decreased by $ 5.4 billion.

Chinese market

Affected by the continued weakening of the market and the decline in consumer confidence, GM's equity income in the Chinese market declined in the fourth quarter. The company actively responds to challenges, continues to optimize its product portfolio in the Chinese market, and focuses on the fast-growing SUV and luxury vehicle markets. Last year, Cadillac's sales in China reached a record high, reaching 213,717 vehicles, a year-on-year increase of 4%.

2020 performance outlook

This year, GM will release a series of heavy-duty models, including Chevrolet Tahoe and Suburban, GMC Yukon and Yukon XL, Cadillac Escalade and other new full-size SUVs. The company will also offset the negative effects of macroeconomic factors to a certain extent through continuous cost control measures and effective management of US market inventory.

General Motors Chief Financial Officer Ms. Dhivya Suryadevara said: "General Motors is expected to achieve solid financial performance in 2020. We continue to deepen our main business and ensure strong cash flow to continuously increase investment Future capabilities. "

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