General Motors Co. booked $9.9 billion in net income last year, down from 2021's $10 billion despite chronic supply chain woes, rising interest rates and a slowing economy.
Revenue for the year was $156.7 billion, up from the $127 billion GM collected in 2021. GM met its projected guidance of earnings before taxes with a record $14.5 billion. In the fourth quarter, GM made $2 billion in net income on revenue of $43 billion. In the fourth quarter of 2021, GM tallied $1.7 billion in net income on revenue of $33.5 billion.
GM's comparatively strong financial performance enabled the Detroit automaker to deliver profit-sharing bonuses of $12,750 to approximately 42,300 hourly employees — GM's highest such profit-sharing payout. The bonuses total $500 million for the year, the company said, or $1.2 billion over the past three years.
