General Motors company incorporated as a Delaware corporation in 2009 designs, builds, and sells trucks, crossovers, cars, and automobile parts and provides software-enabled services and subscriptions worldwide. Its automotive operations are divided into the reportable segments: GM North America (GMNA) and GM International (GMI) with vehicles developed, manufactured, and/or marketed under the Buick, Cadillac, Chevrolet, and GMC brands. It also has equity ownership stakes in entities that meet the demands of customers in other countries, primarily in China, with vehicles developed, and manufactured, under the Baojun, Buick, Cadillac, Chevrolet, and Wuling brands. Cruise is its global segment responsible for the development and commercialization of AV technology, and includes AV-related engineering and other costs. It provides automotive financing services through GM Financial segment.
The industry sales in North America at the end of FY2021 increased compared to the corresponding period in FY2020. Likewise, the vehicle sales volume in the US industry in FY2021 increased as compared to the corresponding period in FY2020. The reason being the COVID-19 pandemic originally resulted in a contraction of total sales volume across the North American industry in FY2020 that continued into FY2021 as well. Dealer inventory remained constrained for several critical vehicles, including full-size trucks and full-size SUVs.
Total vehicle sales in the US, its largest market in North America, were 2.2 million units for a market share of 14.4% by the end of FY2021, which is a decline of 2.7% compared to the corresponding period in FY2020. As a result of continued strong US industry light vehicle demand and favorable vehicle pricing, the company expects to maintain relatively strong EBIT-adjusted margins in FY2022, partially offset by higher costs associated with commodities, raw materials, and logistics. Also due to the semiconductor supply shortage, there were interruptions in planned production schedules, which led to a temporary suspension of certain manufacturing sites to prioritize production of its most popular and in-demand products, including its full-size trucks and full-size SUVs.
As of Q3 FY2022, electric vehicle (EV) manufacturing has begun in North America, with the demand for Chevrolet Bolt EV and Bolt EUV outpacing its supply. GM aims to scale its EV production to more than 1 million units yearly by the end of 2025.
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