“We expect this to be substantially lower in 2024 as we continue to make progress toward our EBIT margin targets on EVs.”

In context

“not expect to reoccur in 2024 that impacted our margin performance in the quarter. We achieved $1.8 billion in EBIT adjusted, 4.1% EBIT adjusted margins, and $1.24 in EPS diluted adjusted. These results were also impacted by the strike, which had a $900 million EBIT adjusted impact in Q4 and a $1.1 billion impact for the full year, primarily from losing an estimated 95,000 units of production. Additionally, we increased our inventory valuation allowances by $1.1 billion to remeasure battery cell and EV inventory held at year end. This adjustment was significantly larger in Q4 versus prior quarters, driven by a combination of increasing cell production in preparation for our 2024 EV acceleration and holding more EVs in company inventory. Adjustments for the full year totaled $1.7 billion. We expect this to be substantially lower in 2024 as we continue to make progress toward our EBIT margin targets on EVs. North America delivered Q4 EBIT-adjusted of $2 billion, down $1.6 billion year-over-year, driven primarily by the $900 million strike impact and $1 billion of inventory adjustments I just discussed. The performance was also driven by higher pricing and lower fixed costs, which more than offset mixed headwinds. North America margin of 8.7% was within our targeted 8% to 10% range for the full year and included a 1.6 percentage point impact from the strike and the inventory adjustments. Part of this performance is from proactively managing our inventory levels, helping to minimize incentives. I'm pleased that we ended the year at 50 days of U.S. inventory, which is at the low end of our 50 to 60 day target range, and incentives that were more than 20% below the industry average. GM Internati”