After hitting its goal of manufacturing 50,000 electric vehicles in the primary half of 2023, General Motors (GM) expects the momentum to proceed within the second half. More importantly, GM CEO Mary Barra has finally confirmed the arrival of an Ultium-based Bolt EV.
GM beats Q2 estimates, Ultium-based Bolt EV is coming
General Motors released its Q2 results earnings Tuesday before market open, showing 52% year-over-year net profit increase to $2.54 billion
The automaker says the improvements got here after cutting costs along with stronger vehicle sales within the quarter. Adjusted EBIT was $3.2 billion. The outcomes include a charge of $792 million for brand spanking new business agreements with LG Electronics and LG Energy Solution.
GM says it took a one-time charge of $792 million on account of costs related to the Chevy Bolt EV and EUV recall. Speaking of the Bolt, Barra confirmed on the corporate’s earnings call that the Bolt EV will live.
After the primary quarter, Barra revealed that GM was ending production of the Bolt EV to deal with its Ultum-based electric vehicles, leaving many individuals (including myself) dissatisfied with the choice.
GM has teased the thought of an Ultium for the past few months, but Barra first confirmed it throughout the automaker’s second-quarter earnings call. The GM executive says he’ll cut expenses and streamline production with the brand new Bolt EV.
The automaker hit its goal of manufacturing 50,000 electric vehicles in the primary half and expects the momentum to proceed with a goal of reaching 100,000 within the second half.
Despite lagging Ultium sales (Chevy Bolt accounted for nearly 14,000 of the 15,652 EVs sold within the second quarter), Barra says the provision chain is improving and more EVs were in transit by the top of June.
Demand stays strong for electric vehicles, in response to Barra, and the corporate is working to place supply chain issues behind them.
GM is launching six latest electric vehicles within the second half, including the Chevy Silverado EV WT, Chevy Blazer EV, Chevy Equinox EV, Chevy Silverado EV RST First Edition, Brightdrop Zevo 400 and Cadillac CELESTIQ.
The corporate is raising its full-year financial guidance after posting better-than-expected second-quarter results and increasing its cost-cutting plans. GM now expects adjusted profit for the yr to be between $12 billion and $14 billion, up from $11 billion to $13 billion.
Nonetheless, that hinges on GM negotiating deals with unions without strikes or delays. Barra said: “We’ve a protracted history of negotiating fair contracts with each unions that reward our employees and support the long-term success of our business. Our focus this time can be no different.
This Article was First Appeared At electrek.co