DETROIT, Jan. 16, 2018 /PRNewswire/ -- General Motors
Co. (NYSE: GM) today said it projects strong earnings in 2018,
building on expected record 2017 EPS diluted-adjusted and previous
record earnings in 2016 and 2015.
GM forecasts its 2018 results to be largely in line with
expected 2017 results, benefiting from continued strength in
North America and China, improvement in South America, additional growth in its
adjacent businesses including GM Financial, and continued cost
efficiencies.
"GM had a very good 2017 as we continued to transform our
company to be more focused, resilient and profitable," GM Chairman
and CEO Mary Barra said. "We
are positioned for another strong year in 2018 and an even better
one in 2019."
In 2018, GM will continue its product momentum with the
introduction of its next-generation full-size trucks later in the
year.
"Reshaping the company over the last few years has allowed us to
deploy resources and capital to higher-return opportunities
including our next-generation trucks and establishing leadership in
the future of mobility," GM President Dan
Ammann said. "The all-new full-size truck family that
launches this year will generate very strong returns for years to
come."
The 2019 Chevrolet Silverado full-size pickup truck will feature
eight distinct models with a variety of trim levels and six engine
and transmission combinations to meet the needs of every truck
customer. It will be larger, yet lighter due to the extensive use
of mixed materials and advanced and flexible manufacturing
processes. The next-generation Silverado will also offer the most
capable beds of any full-size truck in the industry to go along
with larger, more functional and connected interiors.
The all-new GMC Sierra will be revealed soon with more
differentiation than ever before to appeal to premium truck buyers.
These important vehicles will round out the widest-ranging truck
portfolio in the industry, continuing the industry's only
three-truck strategy.
According to GM Executive Vice President and CFO Chuck Stevens, the company's ongoing focus on
its most compelling business opportunities continues to deliver
results.
"Our core business is anchored by very strong profit franchises.
With inventories right-sized and strong product momentum, we expect
to generate another strong performance in 2018," Stevens said.
Among key accomplishments for 2017, the company:
Reshaped its business portfolio:
- Completed the sales of its Opel/Vauxhall and GM Financial
European businesses to PSA.
- Exited franchises in South and East
Africa and discontinued retail sales operations in
India to focus on export
manufacturing.
Capitalized on strong product momentum:
- For the fourth consecutive year, GM sold more pickup trucks in
the U.S. than any other automaker – a record 948,909 units.
- Completed the refresh of GM's crossover portfolio and became
the fastest-growing crossover company in the U.S., with retail
market share up 1.6 percentage points to 13.1 percent, according to
J.D. Power PIN estimates.
Demonstrated clear leadership in the future of
mobility:
- Debuted Super Cruise, the world's first hands-free highway
driving technology, on the Cadillac CT6.
- Shared its vision for zero crashes, zero emissions and zero
congestion and outlined an all-electric future with plans to launch
at least 20 electric vehicle models by 2023.
- Introduced the third of three generations of autonomous test
vehicles that were developed within a span of 14 months.
- Announced plans to deploy self-driving vehicles in a
ride-sharing environment in early 2019.
- Acquired Strobe, Inc. to help develop next-generation LIDAR
solutions for self-driving vehicles and reduce LIDAR costs by 99
percent over time.
- Became the first company to use mass-production methods to
build autonomous electric test vehicles.
General Motors Co. (NYSE:GM) has leadership
positions in the world's largest and fastest-growing automotive
markets. GM, its subsidiaries and joint venture entities sell
vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden,
Jiefang, and Wuling brands. More information on the company and its
subsidiaries, including OnStar, a global leader in vehicle safety,
security and information services, can be found
at http://www.gm.com
Cautionary Note on Forward-Looking
Statements: This press release and related comments by
management may include forward-looking statements. These
statements are based on current expectations about possible future
events and thus are inherently uncertain. Our actual results may
differ materially from forward-looking statements due to a variety
of factors, including: (1) our ability to deliver new products,
services and experiences that attract new, and are desired by
existing, customers and to effectively compete in autonomous,
ride-sharing and transportation as a service; (2) sales of
full-size pick-up trucks and SUVs, which may be affected by
increases in the price of oil; (3) the volatility of global sales
and operations; (4) aggressive competition, including the impact of
new market entrants; (5) changes in, or the introduction of novel
interpretations of, laws, regulations or policies particularly
those relating to free trade agreements, tax rates and vehicle
safety and any government actions that may affect the production,
licensing, distribution, pricing, or selling of our products; (6)
our joint ventures, which we cannot operate solely for our benefit
and over which we may have limited control; (7) compliance with
laws and regulations applicable to our industry, including those
regarding fuel economy and emissions; (8) costs and risks
associated with litigation and government investigations; (9)
compliance with the terms of the Deferred Prosecution Agreement;
(10) our ability to maintain quality control over our vehicles and
avoid recalls and the cost and effect on our reputation and
products; (11) the ability of suppliers to deliver parts, systems
and components without disruption and on schedule; (12) our
dependence on our manufacturing facilities; (13) our ability to
realize production efficiencies and cost reductions; (14) our
ability to successfully and cost-efficiently restructure operations
in various countries with minimal disruption;
(15) our ability to manage risks related to security
breaches and other disruptions to vehicles, information technology
networks and systems; (16) our ability to develop captive financing
capability through GM Financial; (17) significant increases in
pension expense or projected pension contributions; and (18)
significant changes in the economic, political, and regulatory
environment, market conditions, and foreign currency exchange
rates. A further list and description of these risks, uncertainties
and other factors can be found in our Annual Report on Form 10-K
for the fiscal year ended December 31,
2016, and our subsequent filings with the Securities and
Exchange Commission. GM cautions readers not to place undue
reliance on forward-looking statements. GM undertakes no obligation
to update publicly or otherwise revise any forward-looking
statements.
Note on Non-GAAP Financial Measure.
EPS-diluted-adjusted relates to our continuing operations and not
our discontinued operations nor assets and liabilities held for
sale. Important information regarding our use of this
measure, as well as a reconciliation to the most directly
comparable GAAP measure, can be found in our publicly filed SEC
documents and in the investor materials located
at www.gm.com/investors.
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SOURCE General Motors Co.