Close Menu
I Really Like This Car
  • Automobile
  • Automotive
  • Design
  • Self Driving
  • Luxury
  • Supercar
  • EV
  • Motorcycle
  • Exclusives

Subscribe to Updates

Get the latest creative Articles from I Really Like this Car about Automotives & Supercars.

What's Hot

2026 Toyota LandCruiser 300 Hybrid: Every little thing we all know

June 15, 2025

Toyota Indiana Produced its One-Millionth Hybrid Vehicle – Green Fleet

June 15, 2025

If You are Buying A 5.9 Cummins, Avoid These Years

June 14, 2025
Facebook X (Twitter) Instagram
I Really Like This Car
HOME Login
  • Automobile

    2026 Toyota LandCruiser 300 Hybrid: Every little thing we all know

    June 15, 2025

    If You are Buying A 5.9 Cummins, Avoid These Years

    June 14, 2025

    Toyota says its hybrids have saved nine million EVs price of CO2

    June 14, 2025

    PLUS, Yinson GreenTech to develop retail/EV fast charging hub – Seremban RSA ready by 2027

    June 13, 2025

    2025 Ford F-150 Lobo Has Aggressive Looks And Lower Rear Suspension, But No Extra Power From Its 5.0-Liter V8

    June 13, 2025
  • Automotive

    Toyota Indiana Produced its One-Millionth Hybrid Vehicle – Green Fleet

    June 15, 2025

    Used automotive and aftersales growth is ahead for the MG dealer network

    June 14, 2025

    Used Vehicle Inventory, Sales, Supply, Prices Holding Regular – Remarketing

    June 14, 2025

    The Street Truck Returns with Cool Looks within the 2025 Ford F-150 Lobo : Automotive Addicts

    June 13, 2025

    Payments innovation within the automotive industry

    June 13, 2025
  • Design

    Designing body kits and accessories

    April 11, 2025

    Designing for a startup automotive company

    February 18, 2025

    Our recent drive luggage website driveluggage.com shall be up and running in April.

    January 15, 2025

    Enhance your drive experience with bespoke automotive luggage |

    December 18, 2024

    Designing for an iconic marque

    December 11, 2024
  • Self Driving
  • Luxury
  • Supercar
  • EV
  • Motorcycle
  • Exclusives
I Really Like This Car
Home»Automotive»GM beats quarterly targets, raises forecast for the yr
Automotive

GM beats quarterly targets, raises forecast for the yr

ReutersBy ReutersApril 23, 2024No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
Gm Beats Quarterly Targets, Raises Forecast For The Year
Share
Facebook Twitter LinkedIn Pinterest Email

 

DETROIT — General Motors on Tuesday posted quarterly results that topped Wall Street targets and raised its annual forecast, citing stable pricing and demand for its gas-engine vehicles, sending shares up 5%.

The Michigan automaker upped its adjusted pre-tax profit projection for the yr to $12.5 billion to $14.5 billion, from its previous range of $12 billion to $14 billion.

“Our consumer has been remarkably resilient in this era of upper rates of interest,” GM Chief Financial Officer Paul Jacobson said.

He said demand held up well in the primary quarter and pricing was stable in April, but GM still is planning for pricing to say no 2% to 2-1/2% for the remaining of the yr.

Despite the corporate’s struggles in China and with EVs, stronger-than-expected vehicle pricing with gasoline-powered trucks pleased investors.

“There … is the truth that the pricing is staying stronger for longer than anybody anticipated,” said Tim Piechowski, portfolio manager at ACR Alpine Capital Research in St. Louis, which owns GM shares.

“The engine of the corporate is truck and SUV at this point,” he added. “They’re just generating substantial profit and free money flow that may proceed to fund the initiatives in EV. Full steam ahead.”

Some analysts were more cautious.

GM could lose additional market share within the near and intermediate term on account of its lack of hybrid gasoline-electric vehicles and money flow can be hampered by heavy planned spending on electric vehicles, CFRA Research analyst Garrett Nelson said in a research note.

The automaker reported that net income in the primary quarter rose 24.4% over the year-ago period to $3 billion, on a 7.6% rise in revenue to $43 billion.

Adjusted earnings per share of $2.62 beat the common Wall Street goal of $2.15, in accordance with LSEG data. Revenue topped the Wall Street goal of $41.9 billion within the March quarter.

While the corporate began 2024 strong, CEO Mary Barra still has two large challenges ahead: turning around GM’s shrinking sales in China, and salvaging Cruise, its robotaxi unit.

Cruise halted operations late last yr after one among its self-driving cars dragged a lady down a San Francisco street. Company officials shared earlier this yr that GM would cut spending on this unit by $1 billion. The robotaxi business lost $2.7 billion last yr, not including $500 million in restructuring costs incurred within the fourth quarter because the unit cut staff. GM spent $400 million on Cruise in the primary quarter, and expects full-year expenses to hit about $1.7 billion.

Barra said the business is making progress, citing the return of its vehicles to roads in Phoenix, Arizona, earlier this month, with human drivers and no passengers. She told analysts on a conference call that GM is exploring funding operations for Cruise, including taking outside investment.

GM’s business in China – previously the automaker’s largest market – has also been faltering. Chinese automakers and Tesla have wolfed up market share within the region, aided by deep price cuts and refreshed technology offerings.

GM lost $106 million in China within the quarter, which CFO Jacobson told reporters was lower than his team expected, because it worked through inventory.

Jacobson said the corporate expects a profit in China for the second quarter and the yr. Asked if GM would close or sell its business there, Barra said GM was committed long run to the world’s largest auto market.

“There is a place for GM to play and grow share,” she said of China.

The carmaker and its crosstown rival Ford Motor are counting on make the most of gas-engine trucks to ease investors’ concerns as they proceed to funnel money into costly EV development. GM said it gained greater than 3 points of market share in full-size pickup trucks within the quarter from rivals, which incorporates Ford and Stellantis.

GM has not broken out financial results for its EV business, but Jacobson stuck to previous forecasts for turning a profit. He still expects so-called variable profit, which excludes fixed costs, to be positive by the second half of 2024.

“We also proceed to see sequential and year-over-year improvements in profitability as we profit from scale, material cost and blend improvements,” Barra said.

The corporate’s three way partnership with LG Energy Solution, called Ultium Cells, is ramping up production of battery cells at plants in Ohio and Tennessee, Barra said.

Questions on the marketplace for battery-powered vehicles have increased as EV leader Tesla laid off greater than 10% of its global staff earlier this month and slashed prices on its models across several markets.

Tesla will release quarterly earnings on Tuesday, and the EV maker is predicted to post its first revenue drop and lowest gross margin in nearly 4 years, in accordance with LSEG data.

GM outlined last yr a $10 billion stock buyback on the heels of reaching a costly recent labor agreement with the United Auto Employees union. The primary tranche of this was accomplished in the primary quarter, and the corporate is on course to scale back its outstanding share count to under 1 billion, Barra said.

 

This Article First Appeared At www.autoblog.com

beats forecast quarterly raises targets Year
Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticleHyundai i30 deals: Drive-away pricing in April
Next Article Recent Kia Tasman Will Be The Weirdest-Looking Pickup Truck, And That is A Good Thing
Reuters

Related Posts

Toyota Indiana Produced its One-Millionth Hybrid Vehicle – Green Fleet

June 15, 2025

Used automotive and aftersales growth is ahead for the MG dealer network

June 14, 2025

Used Vehicle Inventory, Sales, Supply, Prices Holding Regular – Remarketing

June 14, 2025

The Street Truck Returns with Cool Looks within the 2025 Ford F-150 Lobo : Automotive Addicts

June 13, 2025
Leave A Reply Cancel Reply

Demo
Interesting Picks

Nissan Kicks e-Power to be shown at Malaysia Autoshow 2024, previewing hybrid powertrain?

May 18, 2024

ZEV Mandate puts bitter aftertaste on successes of 2024 UK recent automobile sales, SMMT says

January 5, 2025

Audi Q6 E-Tron interior shows off big screens

September 3, 2023

Is it legal to drive over a roundabout?

September 12, 2023
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Don't Miss
Automobile

2026 Toyota LandCruiser 300 Hybrid: Every little thing we all know

By Damion SmyJune 15, 20250

The primary Toyota LandCruiser 300 Series Hybrid has been confirmed for Australian showrooms in 2026, with few…

Toyota Indiana Produced its One-Millionth Hybrid Vehicle – Green Fleet

June 15, 2025

If You are Buying A 5.9 Cummins, Avoid These Years

June 14, 2025

Used automotive and aftersales growth is ahead for the MG dealer network

June 14, 2025
About Us
About Us

At ireallylikethiscar.com, we are passionate about all things automotive. Whether you're a fan of supercars, electric vehicles, or simply have a deep appreciation for the beauty and engineering of automobiles, you've come to the right place.

Interesting Articles

GM’s Mary Barra Confirms Second Generation Chevrolet Bolt EV for 2025 Model 12 months : Automotive Addicts

December 5, 2023

BMW could put certainly one of its best-looking concept cars ever into production

July 30, 2024

IARA Hires Latest Exec to Give attention to Member Value – Remarketing

November 1, 2023
New Comments
    • About Us
    • Contact Us
    • Privacy Policy
    • Terms & Conditions
    • Disclaimer
    © 2025 I really Like This Car. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.

    We are using cookies to give you the best experience on our website.

    You can find out more about which cookies we are using or switch them off in .

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?
    I Really Like This Car
    Powered by  GDPR Cookie Compliance
    Privacy Overview

    This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

    Strictly Necessary Cookies

    Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

    If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.