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May 24, 2023

July 25

DETROIT — General Motors Co., which employs 4,400 at the Fort Wayne Assembly plant, on July 25 reported second-quarter 2023 revenue of $44.7 billion, net income attributable to stockholders of $2.6

DETROIT — General Motors Co., which employs 4,400 at the Fort Wayne Assembly plant, on July 25 reported second-quarter 2023 revenue of $44.7 billion, net income attributable to stockholders of $2.6 billion and EBIT-adjusted of $3.2 billion.

The results include a $792 million charge for new commercial agreements GM has with LG Electronics and LG Energy Solution. GM believes these agreements will reduce battery costs and improve margins over time, and they reflect the decision made during the Chevrolet Bolt EV and Bolt EUV recall to serve customers in ways that go beyond traditional remedies.

The company will be doubling its EV charging access through a collaboration with Tesla. GM customers will have access to 12,000 Tesla Superchargers beginning in early 2024.

GM has committed more than $27 billion to EV and AV product development through 2025.

“The biggest driving force behind our financial results is customer demand for our vehicles, which have now led the U.S. industry in initial quality for two consecutive years,” GM Chair and CEO Mary Barra said in a letter to shareholders.

“... We also continue to lead the full-size pickup market in the U.S., with the new Chevrolet Silverado HD and GMC Sierra HD adding to our momentum,” she wrote.

“In the electric vehicle market, we met our target to produce 50,000 EVs in North America in the first half of the year. With both cell and vehicle production increasing, we continue to target production of roughly 100,000 EVs in the second half of this year and we’ll grow from there.”

For the second time this year, GM raised its full-year 2023 guidance, “and it assumes that we successfully negotiate new labor agreements without a work stoppage,” Barra wrote.

The company is in talks with the United Automobile Workers.

According to the raised guidance, U.S. GAAP net income attributable to stockholders is $9.3 billion-$10.7 billion, compared to the previous outlook of $8.4 billion-$9.9 billion.

A recent report showed that GM had a $4.6 billion impact on Indiana’s economy, with $1.9 billion of that value direct, and another $1.9 billion indirect, with an implied GDP multiplier of 2.5.

GM has the Fort Wayne Assembly plant, the Bedford Casting Operations, the Marion Metal Center, and the Kokomo Components Holding facility in Indiana, which together employ nearly 6,160. Its supply chain and capital investments accounted for an additional 15,050 jobs, according to the report. Wage-supported spending amounted to another 8,610 jobs across Indiana in 2022.

GM tax payments exceeded $791 million in 2022, “enough to fund the salaries for 25% of the state’s public school teachers.”

In May, Fort Wayne Assembly produced its 10 millionth vehicle since production began in December 1986.

Then, just a few weeks later in June, GM announced it would invest $632 million at the local plant to prepare it for the next generation of internal combustion engine pickups.

GM’s other impacts on the community including its award of $160,000 in grants to nine local nonprofits. And in February, GM announced a partnership with Ivy Tech Fort Wayne-Warsaw and the American Association of Community Colleges to study and share best practices for integrating advanced manufacturing credentials into their curriculum.

Ohio is home to an aluminum foundry and machining center in Defiance, a diesel engines manufacturing plan in Moraine, the Toledo Propulsion facility, the Parma Metal Center in Cleveland, and the Cincinnati Distribution Center, which in total employs 4,570 workers.

GM’s impact on the Buckeye State is $6.8 billion, with $1.2 billion of that direct, for a GDP multiplier of 5.5.

The company invested some $390 million in Ohio in 2022, with $6.8 billion contributed to Ohio’s GDP in 2022.

“Taken together, the company’s operations in the state supported some 51,760 jobs, 31,590 of which were indirectly supported through GM’s supply chain and 15,600 of which were supported through the consumer spending of direct and indirect workers.”

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