Mathilde Carlier
Research Expert covering transportation and logistics
General Motors Company - Statistics & Facts
At the end of 2023, General Motors Company (GM) was the first of the Big Three to get a ratified deal with the United Auto Workers (UAW) union, putting an end to the strikes that had rattled the company through September and October 2023. Stellantis, Ford, and GM were estimated to have lost some 4.35 billion U.S. dollars as a result of the UAW strike, compared to a loss of some 650 million U.S. dollars to direct wages for employees of these three manufacturers. This economic loss has translated to a poorer financial performance in 2023 for the American automaker, with its earnings before interest and taxes dropping to 12.4 billion U.S. dollars.
Based in Detroit, General Motors Company has consistently ranked among the leading automakers worldwide in terms of revenue. In its 2023 fiscal year, General Motors (GM) generated 171.8 billion U.S. dollars in revenue, an increase compared to its 2022 fiscal year and the highest revenue recorded by the company since 2013. GM’s sales volume, which had steadily dipped down since 2016, grew slightly to 6.19 millions in 2023. While this was the first rise in sales in seven years, this was still some 3.82 million sales down from the company's peak. The 2017 sales drop corresponds to a loss of around 257 million U.S. dollars from GM’s operations in Europe during that same year, leading the automaker to sell its Opel and Vauxhall brands to the PSA Group in March 2017. The brands represented between 11 and 12 percent of GM’s sales.
After the United States, China was also a lucrative market for the American automaker. General Motors Company sold nearly 2.1 million vehicles in China, which represents GM's second-largest market in terms of vehicle sales, behind the United States. Although most of its cars are assembled in the United States, GM also manufactures a large percentage of cars in Asia: Most of GM’s cars dedicated to the Chinese market are produced locally, and a Buick was the first car to be produced in Shanghai’s GM plant in 1998. The automaker’s joint venture with SAIC and Wuling was also among the leading new energy passenger car brands in China in 2022, which was the country with the largest plug-in electric vehicle fleet that same year.
GM was one of the leading plug-in electric vehicle producers, holding a global market share just under eight percent in 2021. The SAIC-GM-Wuling joint venture was among the best-selling plug-in electric vehicle brands worldwide in 2023. This popularity on the Chinese market gave the automaker a head start compared to its main competitors, Stellantis and Ford, which were not the parent companies of any of the leading ten electric vehicle brands. The Wuling Hongguang Mini EV, manufactured by GM’s joint venture with SAIC and Wuling, was the eighth best-selling plug-in EV model worldwide in 2023.
While GM is one of the global EV market leaders, it has faced stiff competition in its home market. In the U.S., Tesla dominates the EV market with their Model Y and Model 3 in first and second ranking, respectively. With nearly 62,100 sales, the Chevrolet Bolt was the third best-selling plug-in electric car in 2023, though this volume was over four times below Tesla's Model Y. However, while GM has since expanded its electric vehicle offering, it also had to contend with the suspension of its Chevrolet Blazer sales. Production of the fully electric version of the Silverado pickup truck had also been delayed as GM postponed adding a second factory to increase its electric pickup output to 2025. As electric vehicle demand slows down, this could increase challenges for GM to break into the market.
Based in Detroit, General Motors Company has consistently ranked among the leading automakers worldwide in terms of revenue. In its 2023 fiscal year, General Motors (GM) generated 171.8 billion U.S. dollars in revenue, an increase compared to its 2022 fiscal year and the highest revenue recorded by the company since 2013. GM’s sales volume, which had steadily dipped down since 2016, grew slightly to 6.19 millions in 2023. While this was the first rise in sales in seven years, this was still some 3.82 million sales down from the company's peak. The 2017 sales drop corresponds to a loss of around 257 million U.S. dollars from GM’s operations in Europe during that same year, leading the automaker to sell its Opel and Vauxhall brands to the PSA Group in March 2017. The brands represented between 11 and 12 percent of GM’s sales.
China and the U.S. are GM's largest markets
Most of GM’s revenue in 2023 came from its North American operations, which represented around 82.3 percent of GM’s overall earnings that year. In the United States, GM reported market shares of nearly 17 percent, trailed by the Toyota Motor Corporation, which held some 14.5 percent of the market. The Chevrolet Silverado and GMC Sierra were also among the best-selling light trucks in the country. Light trucks have been steadily gaining popularity in the country, as opposed to automobile sales, which have been on the decline. Aside from high sales volume in the United States, GM brands also recorded a good track record with customers. In 2023, Cadillac ranked in the top ten light vehicle brands with the highest consumer satisfaction, with Chevrolet, Buick, and GMC also in the top fifteen. Buick and Chevrolet were also in the leading five best car brands for initial quality in the country, asserting GM's position as a U.S. market leader.After the United States, China was also a lucrative market for the American automaker. General Motors Company sold nearly 2.1 million vehicles in China, which represents GM's second-largest market in terms of vehicle sales, behind the United States. Although most of its cars are assembled in the United States, GM also manufactures a large percentage of cars in Asia: Most of GM’s cars dedicated to the Chinese market are produced locally, and a Buick was the first car to be produced in Shanghai’s GM plant in 1998. The automaker’s joint venture with SAIC and Wuling was also among the leading new energy passenger car brands in China in 2022, which was the country with the largest plug-in electric vehicle fleet that same year.
Breaking into the global electric vehicle market
In recent years, the automaker has committed to becoming carbon-neutral in its global operations and products by 2040. This includes plans to sell exclusively zero-emission vehicles by 2035 and investments of over 35 billion U.S. dollars in electric vehicles through 2025. In line with this goal, GM spent around 9.9 billion U.S. dollars in research and development in 2023, its largest R&D expenditure since 2022.GM was one of the leading plug-in electric vehicle producers, holding a global market share just under eight percent in 2021. The SAIC-GM-Wuling joint venture was among the best-selling plug-in electric vehicle brands worldwide in 2023. This popularity on the Chinese market gave the automaker a head start compared to its main competitors, Stellantis and Ford, which were not the parent companies of any of the leading ten electric vehicle brands. The Wuling Hongguang Mini EV, manufactured by GM’s joint venture with SAIC and Wuling, was the eighth best-selling plug-in EV model worldwide in 2023.
While GM is one of the global EV market leaders, it has faced stiff competition in its home market. In the U.S., Tesla dominates the EV market with their Model Y and Model 3 in first and second ranking, respectively. With nearly 62,100 sales, the Chevrolet Bolt was the third best-selling plug-in electric car in 2023, though this volume was over four times below Tesla's Model Y. However, while GM has since expanded its electric vehicle offering, it also had to contend with the suspension of its Chevrolet Blazer sales. Production of the fully electric version of the Silverado pickup truck had also been delayed as GM postponed adding a second factory to increase its electric pickup output to 2025. As electric vehicle demand slows down, this could increase challenges for GM to break into the market.
