The company’s shares rose more than 4% in premarket trading
reported second-quarter profit and revenue on Tuesday that beat Wall Street’s expectations, and raised its annual profit forecast for a second time this year, buoyed by strong pricing and demand for gas-powered trucks.
The company reported adjusted earnings per share of $3.06 that beat Wall Street’s average estimate of $2.75, according to LSEG data. The car maker reported $48 billion in revenue for the three-month period, surpassing analysts’ consensus of $45.5 billion in the June quarter. GM’s stock has outperformed its rivals and the S&P 500 in 2024. The company’s share price has increased 38% this year, while crosstown rival Ford Motor has notched an 18% increase, and Jeep-maker Stellantis lost 11%.
GM last week declined to reiterate a target of achieving 1 million units of EV production capacity in North America by the end of 2025. The car maker also recently lowered its projected EV output for the year, now projecting the higher end of its 2024 production to be 250,000 units, down from a prior forecast of 300,000 units.
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