Shares of General Motors are surging higher by about 5% this morning after the Detroit automaker crushed expectations across the board, beating both Wall Street's top and bottom line expectations to wrap up their full year 2022.

The company also issued strong guidance for the upcoming year. Shares are up about $1.70 and trading near $38 as a result.

Here are the numbers behind the full report, per Bloomberg: 

And guidance for the upcoming year, per Bloomberg:

In Mary Barra's letter to shareholders, she wrote: "We expect that our momentum will help us deliver strong results once again in 2023. In fact, we have all the essential ingredients to deliver EBIT-adjusted in a range of $10.5 billion to $12.5 billion thanks to our strong operating performance."

She called the coming year a "breakout" year for the company's Ultium battery platform: "2023 will also be a breakout year for the Ultium Platform. By leveraging U.S.-made battery cells produced by our Ultium Cells joint venture and the scalability and flexibility of the Ultium Platform, we are accelerating production of the Cadillac LYRIQ, GMC HUMMER EV and BrightDrop Zevo 600, and we will launch exciting vehicles like the Chevrolet Silverado EV, Blazer EV and Equinox EV. This keeps us on track to produce 400,000 EVs in North America from 2022 through the first half of next year."

Barra continued: "Our EVs are transformational in so many ways. We’re earning new customers. Our investments are creating new jobs. We’re moving closer to a world with zero crashes, zero emissions and zero congestion, and we believe our R&D, supply chain, manufacturing scale and distribution network will unlock the profitability of EVs."

CFO Paul Jacobson said on Tuesday morning: “We think the underlying business is going to be pretty consistent with what we saw last year, and I think that’s a slightly more bullish statement than where most of the market is." 

He added that demand and pricing "remain strong" for the automaker. GM says it will also put into place a $2 billion cost cutting plan for the next two years and to expect "some" headcount attrition - but he says the company isn't planning layoffs. 

Focus will also continue to be on margins at the company, as the Q4 results shows "signs of a margin squeeze", according to CNBC: "GM’s net income slipped last year, down by less than 1% from the full year 2021 to $9.9 billion, with a profit margin that was off 1.6 percentage points to 6.3%. Its adjusted profit margin was 9.2%, down 2.1 percentage points compared with the previous year."

Bloomberg also pointed out some of the company's additional corporate initiatives: