General Motors (GM) has announced a successful first quarter, with a net income increase of over 25% despite a slight decrease in U.S. vehicle sales. The company's revenue rose by 7.6% to just over $43 billion, surpassing analyst expectations. GM's average sales price per vehicle was just under $50,000, with pickup truck sales remaining robust.
Excluding one-time items, GM earned $2.62 per share, exceeding Wall Street estimates. The company's CEO, Mary Barra, has been praised for focusing on profitability and expense management, leading to a positive turnaround for GM.
GM raised its full-year net income guidance to a range of $10.1 billion to $11.5 billion and adjusted earnings per share guidance for 2024. The company's stock price surged over 5% in early trading following the strong financial results.
GM's CFO, Paul Jacobson, highlighted the company's performance in selling a higher share of lower-cost vehicles while maintaining a strong overall portfolio. Retail sales of electric vehicles increased during the quarter, with GM aiming for a mid single-digit profit margin on EVs next year.
Despite challenges in international operations, including a loss in China, GM remains committed to the market's long-term growth potential. The company's Cruise autonomous vehicle unit faced setbacks but has resumed testing in Phoenix to enhance mapping and gather road information.
GM's focus on innovation, cost management, and strategic planning has positioned the company for continued success in the evolving automotive industry.
