GM beats expectations in Q1 performance-Xinhua

GM beats expectations in Q1 performance

Source: Xinhua| 2024-04-24 00:16:45|Editor:

CHICAGO, April 23 (Xinhua) -- General Motors Co. (GM) Tuesday reported its first-quarter 2024 revenue at 43.0 billion dollars and net income attributable to stockholders at 3.0 billion dollars, up from 40 billion dollar and 2.4 billion dollar in the same period of 2023, respectively, and beating market expectations.

GM's adjusted earnings before interest and taxes (EBIT) in the first quarter were 3.9 billion dollars, a slight increase from the 3.8 billion dollars reported in the first quarter of 2023; and the net income margin for the quarter was 6.9 percent, up from last year's 6 percent%.

Based on beating expectation performance, the U.S. automaker increased its 2024 guidance for EBIT from previous 12 billion dollars to 14 billion dollars to now 12.5 billion dollars to 14.5 billion dollars; and 2024 net income from previous 9.8 billion dollars to 11.2 billion dollars to be between 10.1 billion dollars and 11.5 billion dollars.

GM North America raked in pre-tax earnings totaling 3.8 billion dollars in the first quarter. GM International lost 10 million dollars in pre-tax earnings.

GM's U.S. dealers sold 594,233 new vehicles in the first quarter, compared with 603,208 units a year ago.

The Detroit-based automaker will focus on launching more EVs this year after selling 16,425 EVs in the United States in the first quarter, down from 20,000 in the first quarter of 2023.