General Motors stock rises after earnings crush estimates

GM’s quarterly revenue is $4 billion more than the consensus. General Motors Co.’s stock spike 7.7% early Tuesday after the auto giant blew past estimates for the the 4th quarter and offered upbeat guidance.

The company GM 9.27% posted net income of $2.102 billion or $1.59 a share for the quarter up from $1.999 billion or $1.39 a share, in the year earlier period.

Revenue fell to $42.980 billion from $43.108 billion.

Chief Executive Mary Barra wrote ” Consensus is growing that the US economy the job market and auto sales will continue to be resilient and at GM we expect healthy industry sales of about 16 million units with mix of Evs continuing to grow.”

In addition to internal combustion engine model like 2024 Chevrolet Traverse and 2025 Chevrolet Equinox, the company goals to grow its electric vehicle business.

The company plans to relaunch its self driving cruise business. Barra added.

The company is now expecting 2024 EPS of $8.50 to $9.50. It expects capex of $10.5 billion to $11.5 billion, including investments in its battery cell manufacturing joint ventures.

The stock has fallen 2.5% in the previous one year while the S&P 500 SPX has gained 22.7%.

In addition to internal combustion engine model like the 2024 Chevrolet Traverse and 2025 Chevrolet Equinox, the company mission to rapid its electric vehicle business. The company also plan to relaunch its self driving Cruisee Business. Barra added.

Californian regulators revoked Cruise license to operate in San Francisco after accusing the company of not being forthcoming enough about an Oct.3 incident in which Cruise driveries car struck a pedestrian who had already hit by another car.

The Cruise vehicle pulled to the side of the road, dragging the victim beneath it for about 20 feet

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