GM shoves aside recession fears with robust 2023 forecast [FOX Business Network]
General Motors Company (GM)
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Source: FOX Business Network
DETROIT -General Motors Co. shares jumped early on Tuesday after it reported higher net income for the fourth quarter, forecast stronger-than-expected earnings for 2023 and said it would cut $2 billion in costs. The automaker, the top in the U.S. by sales, forecast that it could hold its pre-tax margins steady between 8% and 10% through 2025, despite a price war that Tesla Inc has triggered in the electric vehicle segment. GM plans to build only about 400,000 electric vehicles in North America between now and the first half of 2024. Its financial results will hinge mainly on sales of combustion-engine trucks and SUVs. For now and for several years to come, GM's profitability will be driven by demand for those vehicles - a reality GM highlighted in its presentation to investors. GM underscored that its Chevrolet and GMC pickup trucks make it No. 1 in sales volume in the U.S. market, and it leads in sales of highly profitable large SUVs as well. GM's outlook "sets a high bar fo
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News
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- General Motors First Quarter 2024 Earnings: Beats Expectations [Yahoo! Finance]Yahoo! Finance
- Daimler Truck faces imminent strike by over 7,300 US workers [Yahoo! Finance]Yahoo! Finance
- Daimler Truck faces imminent strike by over 7,300 US workers [Reuters]Reuters
- General Motors (NYSE: GM) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
GM
Earnings
- 4/23/24 - Beat
GM
Sec Filings
- 4/25/24 - Form PX14A6G
- 4/24/24 - Form ARS
- 4/24/24 - Form DEFA14A
- GM's page on the SEC website