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General Motors | 10-Q: Quarterly report

SEC announcement ·  Apr 23 15:05
Summary by Moomoo AI
General Motors (GM) reported a robust financial performance for the first quarter ended March 31, 2024. The company's net sales and revenue increased to $43.014 billion, up from $39.985 billion in the same period last year. GM's net income attributable to stockholders rose to $2.980 billion, a significant increase from $2.395 billion year-on-year. The earnings before interest and taxes-adjusted (EBIT-adjusted) stood at $3.871 billion, slightly up from $3.803 billion in the previous year. The automotive segment's net sales and revenue saw a 7% increase, driven by strong vehicle portfolio sales, including high-margin full-size pickup trucks and SUVs. GM's business development was marked by strategic initiatives across its brands, with a focus on electric vehicles (EVs) and autonomous vehicle (AV...Show More
General Motors (GM) reported a robust financial performance for the first quarter ended March 31, 2024. The company's net sales and revenue increased to $43.014 billion, up from $39.985 billion in the same period last year. GM's net income attributable to stockholders rose to $2.980 billion, a significant increase from $2.395 billion year-on-year. The earnings before interest and taxes-adjusted (EBIT-adjusted) stood at $3.871 billion, slightly up from $3.803 billion in the previous year. The automotive segment's net sales and revenue saw a 7% increase, driven by strong vehicle portfolio sales, including high-margin full-size pickup trucks and SUVs. GM's business development was marked by strategic initiatives across its brands, with a focus on electric vehicles (EVs) and autonomous vehicle (AV) technology through its subsidiary, Cruise. The company's future plans include continued investment in EVs and AVs, aiming for a world with zero crashes, zero emissions, and zero congestion. GM anticipates net income attributable to stockholders to be between $10.1 billion and $11.5 billion for the year ending December 31, 2024, with an EBIT-adjusted forecast of $12.5 billion to $14.5 billion.

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