General Motors posted fourth-quarter earnings that far exceeded expectations, pushing its full-year results to record levels for the second year in a row.
The largest U.S. automaker said Tuesday it will buy a $650 million stake in Lithium America. This will provide the raw materials needed to manufacture the batteries to power one million electric vehicles per year in the first phase of production.
GM’s adjusted earnings for the quarter were $3 billion, or $2.12 per share, up from $1.35 a year ago and well above the $1.69 estimate of analysts surveyed by Refinitiv. That lifted his full-year adjusted earnings to $11 billion, up from his $10.4 billion (previous record) earned in 2021.
(GM) As a result, it surged 5% in pre-market trading.
This story is a work in progress and will be updated.