G.M. Posts Solid Profit as It Pushes to Take On Tesla in E.V.s

Aiming to make a million electric vehicles a year by 2025, General Motors is investing in a Nevada lithium mine to help with battery production.

General Motors on Tuesday reported solid profits for 2022, after overcoming the computer chip shortages and softening demand that has slowed much of the auto industry last year.

The company reported $9.9 billion in net income, slightly below the total from the year before, while revenue rose 23 percent to $157 billion. It sold 3.6 million vehicles globally, up from 2.9 million in 2022.

Our team rose to every challenge that was thrown at them in 2022, G.M.s chief executive, Mary T. Barra, said in a conference call.

In the fourth quarter, when rising interest rates began to slow sales of new cars and trucks, G.M. generated $2 billion in profit, an increase of 15 percent compared with the fourth quarter of 2021. Revenue rose 28 percent to $43 billion. Vehicle sales increased 30 percent to 967,000.