Tue, Jul 23, 7:25 PM (46 days ago)
General Motors Company (GM) reported strong financial performance for Q2 2024. Total net sales and revenue increased by 7.2% year-over-year to $47.97 billion, driven by higher vehicle sales in GM North America (GMNA) and improved pricing. GMNA's revenue grew by 9.4% to $40.73 billion due to increased sales of full-size pickup trucks and SUVs. GM International (GMI) saw a revenue decline of 16.6% to $3.30 billion, impacted by lower volumes and unfavorable mix. Operating income rose significantly, with EBIT-adjusted up 37.2% to $4.44 billion, reflecting cost reductions and higher equity earnings from Ultium Cells Holdings LLC. Net income attributable to stockholders increased to $2.93 billion from $2.57 billion in Q2 2023, with diluted earnings per share rising to $2.55 from $1.83. GM Financial's revenue grew by 12% to $3.92 billion, bolstered by higher finance charge income. GM's liquidity remains robust with $35.8 billion in total automotive available liquidity. The company continues to focus on capital allocation, with significant investments in EVs and autonomous vehicles (AVs). Despite challenges in China and regulatory uncertainties, GM maintains a positive outlook, expecting FY 2024 EBIT-adjusted between $13.0 billion and $15.0 billion.