In a letter to shareholders, GM CEO Mary Barra said revenues are up and the company is increasing EV production
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- GM had a strong first quarter as year-over-year revenue rose by 8%.
- The impressive start pushed GM to raise their full-year guidance.
- While the company continues to ramp up electric vehicle production, they’re expecting a boost from new and updated ICE-powered vehicles such as the Equinox, Traverse, and Tahoe.
General Motors has released their first-quarter results and it’s good news for investors as the company reported revenues of $43 billion and $3 billion of net income attributable to stockholders. The automaker also reported EBIT-adjusted earnings of $3.9 billion.
On top of that, the automaker raised their full-year guidance. Net income attributable to stockholders is now expected to be between $10.1 and $11.5 billion, which is up from earlier estimates of between $9.8 and $11.2 billion. Expected EBIT-adjusted earnings are up by half a billion dollars, while diluted earnings per share are expected to be between $8.94 and $9.94, which is nearly 50 cents higher than previous estimates.
More: GM And LG Start Producing Battery Cells At Second Joint Venture Plant
In her letter to shareholders, GM CEO Mary Barra said year-over-year revenue rose 8% in the first quarter and they “gained retail market share with incentives much lower than the industry average.” She went on to say production of Ultium-based electric vehicles has been increasing and they’ve capitalized on this by delivering a “21% year-over-year increase in retail deliveries for our EV portfolio.”
Barra went on to say the future looks bright as they have “ICE launches around the world that will build on our strengths in pickups and SUVs, including the Chevrolet Spin and S10 in South America, the Chevrolet Equinox and Buick GL8 plug-in hybrids in China, and the Chevrolet Traverse, Equinox, Tahoe and Suburban in North America, as well as the Buick Enclave and GMC Acadia.” She also noted the Corvette ZR1 is coming this summer and said “we can’t wait to put customers behind the wheel.”
There’s good news on the EV side as Barra said the cost of battery cells has come down significantly as production has ramped up at Ultium Cells Ohio. She went on to note the added benefit of lower material costs and a faster ramp up at the Tennessee Ultium Cells plant.
Speaking of batteries, Barra said “battery module production has increased 300% over the last six months, quality is very good and it’s continuing to improve.” She added the company expects to double their current production capacity by the end of this summer.
