CHICAGO, Jan. 30 (Xinhua) -- General Motors Co. (GM) on Tuesday beat expectations in 2023 performance thanks to improved supply levels and increases in incentives.

The Detroit-based automaker reported full-year 2023 revenue at 171.8 billion U.S. dollars, up nearly 10 percent from the 156.7 billion dollars it collected in 2022; and net income at 10.1 billion dollars, up from 9.9 billion dollars in the previous year.

GM's 2023 earnings before interest and taxes (EBIT) adjusted were at 12.4 billion dollars, which is within its guidance of 11.7 billion dollars to 12.7 billion dollars.

In the fourth quarter of 2023, GM raked in revenue of 42.98 billion dollars, net income of 2.1 billion dollars and EBIT-adjusted earnings of 1.8 billion dollars.

GM's pre-tax earnings in North America totaled 12.3 billion dollars, down from 13 billion dollars in 2022; while GM International's pre-tax earnings were 1.2 billion dollars, up slightly from 1.1 billion dollars in 2022.

The automaker lost 1.1 billion dollars during the United Auto Workers' 46-day targeted plant strike in 2023.

In the United States, the automaker sold 2.6 million vehicles in 2023, up 14 percent from 2022 and its best year since 2019.

GM boosted incentives by 78 percent to an average of 2,462 dollars per vehicle, according to Cox Automotive calculations. Even so, the automaker's incentives remain well below pre-pandemic levels of 4,600 dollars to 5,400 dollars per vehicle.