Mexican Media Brands
GM Nets $2 Billion in First Quarter
First-quarter net income for General Motors Co. surged to $2 billion from $945 million in the same period last year.
#economics
Share
First-quarter net income for General Motors Co. surged to $2 billion from $945 million in the same period last year. Adjusted earnings before interest and taxes jumped 28% to $2.7 billion.
Revenue in January-March rose 4% to $37.3 billion in spite of a 3% decline to 2.4 million vehicle sales, thanks to booming sales of high-profit pickup trucks and SUVs.
Vehicle deliveries in the U.S. for the period were unchanged at 684,000 units. But the company raised its retail market share 1.1 points to 16.6%. Combined sales in Canada and Mexico advanced 8% to 115,000 vehicles.
GM’s first-quarter unit sales climbed 9% to 293,000 cars and trucks in Europe. But they fell 24% to 114,000 vehicles in South America and dropped 10% to 130,000 units in Asia and elsewhere. Volume in Africa, Asia Pacific and the Middle East was flat at 1.13 million units.
The company’s North American operations saw first-quarter EBIT rise 5% to $2.3 billion. GM Europe almost broke even, as a barrage of new models for its Opel brands helped slash the unit’s pre-tax loss to $6 million from $239 million for the period last year.
In South America, GM’s pretax loss shrank to $67 million from $214 million, aided by a 20% reduction in its workforce. EBIT in China was unchanged at $518 million.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
on the Genesis GV60 interior, EV sales in H1, Bentley Bentayga's wood work, Faurecia's advanced manufacturing & more
The strange glowing orb in the Genesis GV60. . .global EV sales in the first half. . .creating wood for the Bentayga interior. . .the importance of material handling at Faurecia. . .lux ATPs. . .fast Porsche. . .fast Lambo. . .the Avalon Hybrid. . .Silverado steel. . .
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.