Despite a six-week autoworkers’ strike that resulted in a loss of over $1 billion, General Motors (GM) reported a net income increase of 12% last year. The Detroit-based automaker announced that it made just over $10 billion, up from $8.9 billion in 2022.

The strike, which led to many of GM’s plants being shut down, did not deter the company’s financial growth. In fact, GM is predicting a slight improvement this year, even as it plans for lower vehicle selling prices due to increased discounts.

GM’s Chief Financial Officer, Paul Jacobson, revealed that the company is preparing for a 2% to 2.5% average sales price drop on vehicles this year compared to last year. Despite this, Jacobson stated that average sale prices are holding up very similar to where they were at the end of 2023.

The company’s robust performance has also benefited its employees. Due to $12.3 billion in North American pretax profits, about 45,000 members of the United Auto Workers will receive profit-sharing checks of $12,250.

GM’s success can be attributed to its strategic cost-cutting measures. By simplifying engineering and manufacturing processes, the company saved about $1 billion last year, with another $1 billion expected this year.

The company’s strong financial performance comes at a time when it is expanding its electric vehicle (EV) portfolio. Despite initial struggles to start mass production of new EV models, Jacobson confirmed that there is still strong demand for products currently on sale.

In conclusion, GM’s financial triumph, despite the challenges posed by the autoworkers’ strike, underscores the company’s resilience and strategic planning. With a focus on delivering high-quality automotive experiences to its growing user base, the future of GM looks promising.