GM delivers 'prove me' quarter as turnaround seems to be underway [Seeking Alpha]
Morgan Stanley (MS)
Last morgan stanley earnings: 4/16 07:15 am
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Source: Seeking Alpha
While investors might have anticipated the Q1 beat, the added benefit of raised guidance got Wall Street's attention, driving shares up more than 5%. There was enough good news in Tuesday's report to satisfy most skeptics who worried about rising labor costs, diminishing demand for EVs, and higher financing rates. “This was a major ‘prove me' quarter for GM and shows the long-awaited turnaround now appears to be underway for Barra & Co,” Wedbush analyst Dan Ives said in a research note on Tuesday. Even the electric vehicle segment had something positive to add. EV production rose sharply during the quarter with a 21% year-over-year increase in EV retail customer deliveries. The Cadillac LYRIQ outsold all European luxury brand EVs in Q1 and the company is now delivering Chevy Blazer EVs with updated and improved software. According to CEO Mary Barra, new editions to the EV lineup include the Buick Enclave with Super Cruise, Chevy Equinox, also with Super Cruise, and affordable trim
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