Amid workers’ concerns regarding work opportunities, GM manufacturing chief, Gerald Johnson, affirmed that the shift to EV production would not reduce the need for workers. “We actually expect our employment numbers to grow in 2024,” Johnson claimed in a video message.

GM’s pledge comes after several of its major competitors have embarked on a shift to EV-powered operations. Ford revealed that its EVs required 40% less labor to build than current internal combustion engine (ICE) vehicles.

Together with Chrysler-parent Stellantis, GM and Ford engaged in contract talks with the United Auto Workers (UAW) union last month ahead of the September 14 expiration of the current four-year labor deals with the auto companies.

The post GM Pledges to Boost Jobs Amid EV Shift appeared first on theprimarymarket.com.

Earlier this month, the company reported that its U.S. deliveries rose 18.8% to 691,978, its best result since the fourth quarter of 2022. This comes after General Motors beat its Q1 top and bottom-line revenue expectations, subsequently raising its 2023 full-year outlook as a result.

For Q2, Wall Street analysts are expecting GM to report a top-line revenue of $42.82 billion; a 19.8% increase from the previous year and a 7% rise from the previous quarter. The company is expected to report adjusted earnings per share (EPS) of $1.65 and adjusted net income of $2.52 billion; the latter figure being a 51.2% surge from the previous year.

Aside from its earnings, the company’s EV game plan is also in the spotlight. Previously, GM confirmed that it is aiming to build 50,000 EVs in North America during the first half of the year, doubling that figure in the second half.

The post Investors Await GM Earnings Results, Status on EV Game Plan appeared first on theprimarymarket.com.

According to Jacobson, the demand for the company’s electric cars remains “firm,” and the company intends to ramp up the production through this year in order to keep up. General Motors intends to produce 50,000 units in the first two quarters of 2023, meaning that the full-year production should come to 150,000 units if everything goes as planned. 

The company also revealed that it intends to halt the production of some of its popular EV models Chevrolet Bolt by the end of the year. Despite being GM’s best-seller in the EV department due to its affordable price, Bolt will be axed because of outdated battery cells. Equinox EV model, which is slated to roll out in the fall, is expected to take its place.

General Motors’ first-quarter earnings report on Tuesday beat the analysts’ estimates. The company had revenue of $39.98 billion versus an estimated $39.24 billion, while its diluted earnings per share came at $2.21 compared to the expected mark of $1.72 per share.

GM stock dropped to $32.91 per share on Tuesday compared to the close price of $34.28 the day prior. The company’s shares are 2.69% down year-to-date.

The post General Motors Plans to Double Its EV Production in the Second Half of 2023 appeared first on theprimarymarket.com.

Revenue for the quarter was $43.1 billion compared to an expected $40 billion, while adjusted earnings per share were $2.12, outpacing the estimated $1.69.

“GM led the U.S. industry in total sales and delivered the largest year-over-year increase in market share of any OEM, thanks to strong demand for our products and improved supply chain conditions,” CEO Mary Barra said in her shareholder letter.

The company’s electric vehicle business excelled during the fourth quarter, with the Chevrolet Bolt EV and Bolt EUV hitting record sales figures. GM also proved to be a leader in the truck market, selling 1.1 million full-size pickups, mid-size pickups, and full-size SUVs.

For 2023, General Motors has forecasted earnings before interest and taxes of $10.5 billion to $12.5 billion, while it expects adjusted earnings per tax of $6.00 to $7.00.

The post GM Shares Surge Following Strong Quarterly Earnings appeared first on theprimarymarket.com.

Speaking at a recent All Markets Summit, GM’s CEO Mary Barra expressed optimism that the company can bounce back to reclaim the bigger piece of China’s competitive car market.

“We still think there’s tremendous opportunity there,” Barra explained.

According to Barra, GM is aware that the increasing competition, especially from the domestic automakers, will be hard to fend off. However, they believe the power of their brands, mainly Buick and Cadillac, as well as their track record in the luxury domain, can prove decisive. 

“We’re definitely seeing the landscape change, we’re seeing more competition from domestic suppliers, but we think especially in luxury and with Buick, the strength of those brands, we think, is going to remain strong,” she added.

General Motors had an awful second quarter in China, seeing a 35% drop compared to the same period in 2021. However, after the country eased its COVID-19 restrictions, GM was able to bounce back and sell 629,900 vehicles compared to 484,200 cars in QB. The sales results are even better than a year ago, rising by 1%.

The post General Motors CEO on China: “We Still Think There’s Tremendous Opportunity There” appeared first on theprimarymarket.com.

According to Reuters, industry analysts are projecting that General Motors will outsell Toyota in the second quarter and be the top seller in the nation. GM previously held the position of the best-selling auto manufacturer in the U.S. since 1931 before being toppled by a Japanese automotive manufacturer.

The biggest issue for Toyota has been the shortage of semiconductors as well as various other issues, including supply chain problems and a lack of workforce. It also didn’t help that Toyota’s all-electric vehicle venture got off to a bad start after the company had to recall 2,700 bZ4X SUV models following a mechanical issue.

Despite dealing better with the issues plaguing the automotive industry than most of its competition, General Motors is still set to report a decline in quarterly sales. The only two automakers that are expected to report increased sales are Ford and Tesla. Ford recorded positive results thanks to its inventory management, while Tesla increased its output after getting the Shanghai factory back to full.

The post General Motors Set to Outsell Toyota in the Second Quarter appeared first on theprimarymarket.com.

Amid workers’ concerns regarding work opportunities, GM manufacturing chief, Gerald Johnson, affirmed that the shift to EV production would not reduce the need for workers. “We actually expect our employment numbers to grow in 2024,” Johnson claimed in a video message.

GM’s pledge comes after several of its major competitors have embarked on a shift to EV-powered operations. Ford revealed that its EVs required 40% less labor to build than current internal combustion engine (ICE) vehicles.

Together with Chrysler-parent Stellantis, GM and Ford engaged in contract talks with the United Auto Workers (UAW) union last month ahead of the September 14 expiration of the current four-year labor deals with the auto companies.

The post GM Pledges to Boost Jobs Amid EV Shift appeared first on theprimarymarket.com.

Earlier this month, the company reported that its U.S. deliveries rose 18.8% to 691,978, its best result since the fourth quarter of 2022. This comes after General Motors beat its Q1 top and bottom-line revenue expectations, subsequently raising its 2023 full-year outlook as a result.

For Q2, Wall Street analysts are expecting GM to report a top-line revenue of $42.82 billion; a 19.8% increase from the previous year and a 7% rise from the previous quarter. The company is expected to report adjusted earnings per share (EPS) of $1.65 and adjusted net income of $2.52 billion; the latter figure being a 51.2% surge from the previous year.

Aside from its earnings, the company’s EV game plan is also in the spotlight. Previously, GM confirmed that it is aiming to build 50,000 EVs in North America during the first half of the year, doubling that figure in the second half.

The post Investors Await GM Earnings Results, Status on EV Game Plan appeared first on theprimarymarket.com.

According to Jacobson, the demand for the company’s electric cars remains “firm,” and the company intends to ramp up the production through this year in order to keep up. General Motors intends to produce 50,000 units in the first two quarters of 2023, meaning that the full-year production should come to 150,000 units if everything goes as planned. 

The company also revealed that it intends to halt the production of some of its popular EV models Chevrolet Bolt by the end of the year. Despite being GM’s best-seller in the EV department due to its affordable price, Bolt will be axed because of outdated battery cells. Equinox EV model, which is slated to roll out in the fall, is expected to take its place.

General Motors’ first-quarter earnings report on Tuesday beat the analysts’ estimates. The company had revenue of $39.98 billion versus an estimated $39.24 billion, while its diluted earnings per share came at $2.21 compared to the expected mark of $1.72 per share.

GM stock dropped to $32.91 per share on Tuesday compared to the close price of $34.28 the day prior. The company’s shares are 2.69% down year-to-date.

The post General Motors Plans to Double Its EV Production in the Second Half of 2023 appeared first on theprimarymarket.com.

Revenue for the quarter was $43.1 billion compared to an expected $40 billion, while adjusted earnings per share were $2.12, outpacing the estimated $1.69.

“GM led the U.S. industry in total sales and delivered the largest year-over-year increase in market share of any OEM, thanks to strong demand for our products and improved supply chain conditions,” CEO Mary Barra said in her shareholder letter.

The company’s electric vehicle business excelled during the fourth quarter, with the Chevrolet Bolt EV and Bolt EUV hitting record sales figures. GM also proved to be a leader in the truck market, selling 1.1 million full-size pickups, mid-size pickups, and full-size SUVs.

For 2023, General Motors has forecasted earnings before interest and taxes of $10.5 billion to $12.5 billion, while it expects adjusted earnings per tax of $6.00 to $7.00.

The post GM Shares Surge Following Strong Quarterly Earnings appeared first on theprimarymarket.com.

Speaking at a recent All Markets Summit, GM’s CEO Mary Barra expressed optimism that the company can bounce back to reclaim the bigger piece of China’s competitive car market.

“We still think there’s tremendous opportunity there,” Barra explained.

According to Barra, GM is aware that the increasing competition, especially from the domestic automakers, will be hard to fend off. However, they believe the power of their brands, mainly Buick and Cadillac, as well as their track record in the luxury domain, can prove decisive. 

“We’re definitely seeing the landscape change, we’re seeing more competition from domestic suppliers, but we think especially in luxury and with Buick, the strength of those brands, we think, is going to remain strong,” she added.

General Motors had an awful second quarter in China, seeing a 35% drop compared to the same period in 2021. However, after the country eased its COVID-19 restrictions, GM was able to bounce back and sell 629,900 vehicles compared to 484,200 cars in QB. The sales results are even better than a year ago, rising by 1%.

The post General Motors CEO on China: “We Still Think There’s Tremendous Opportunity There” appeared first on theprimarymarket.com.

According to Reuters, industry analysts are projecting that General Motors will outsell Toyota in the second quarter and be the top seller in the nation. GM previously held the position of the best-selling auto manufacturer in the U.S. since 1931 before being toppled by a Japanese automotive manufacturer.

The biggest issue for Toyota has been the shortage of semiconductors as well as various other issues, including supply chain problems and a lack of workforce. It also didn’t help that Toyota’s all-electric vehicle venture got off to a bad start after the company had to recall 2,700 bZ4X SUV models following a mechanical issue.

Despite dealing better with the issues plaguing the automotive industry than most of its competition, General Motors is still set to report a decline in quarterly sales. The only two automakers that are expected to report increased sales are Ford and Tesla. Ford recorded positive results thanks to its inventory management, while Tesla increased its output after getting the Shanghai factory back to full.

The post General Motors Set to Outsell Toyota in the Second Quarter appeared first on theprimarymarket.com.