From CNBC: 2024-04-23 16:07:30

General Motors exceeded expectations in the first quarter, leading to a raised 2024 guidance. Adjusted earnings are now projected to be between $12.5 billion to $14.5 billion, with shares increasing by over 4%. Revenue was up 7.6% from last year, and net income rose about 26% to $2.95 billion.

Strong performance in North America, especially in truck sales, contributed to GM’s success. Adjusted earnings in North America increased to $3.84 billion, with a 10.6% adjusted profit margin. Vehicle pricing remained steady, and retail sales were up, leading to positive outcomes for the region.

Despite losses in China and other international markets, GM remains devoted to the Chinese market. The company’s earnings in China were slightly better than expected, with increased competition and shifting consumer demand impacting the results. GM is focused on strengthening its internal combustion engine portfolio and scaling EV production.

GM aims to produce between 200,000 and 300,000 EVs in 2024. While North America shows strength, U.S. vehicle inventory levels are rising. The company is monitoring the situation as it prepares for the spring and summer selling season, including factory shutdowns for retooling. Cruise autonomous vehicle unit expects to spend $1.7 billion this year and is exploring additional funding options.



Read more at CNBC: General Motors (GM) earnings Q1 2024