Based in Detroit, the American automotive manufacturer General Motors Company (GM) has consistently ranked among the leading automakers worldwide in terms of revenue. In its 2022 fiscal year, General Motors (GM) generated 156.74 billion U.S. dollars in revenue—a steep increase compared to its 2021 fiscal year and the highest revenue recorded by the company since 2013. In contrast, GM’s sales volume has steadily been dipping down since 2016, reaching around 5.94 million units in 2022. The 2016 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.
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 9.8 billion U.S. dollars in research and development in 2022—its largest R&D expenditure since 2021.
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, followed by Ford’s Mustang Mach-E which raked third among the best-selling plug-in electric cars in 2021. With around 38,100 sales in the country, the Chevrolet Bolt sold over five times less than Tesla’s Model 3.
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