General Motors sets record sales and net income in Q2 2024, thanks to the success of its gas-powered, full-size pickups and SUVs.
It’s that time of year when companies announce their second quarter results. Tesla is up today, but at GM we already know the numbers. And it’s all a good news show. Never before have GM’s revenue and net income been as strong as in the second quarter of 2024. Of course, that’s partly due to the value of the dollar (and the euro). But big black numbers are ultimately big black numbers.
The turnover of 48 billion dollars was even slightly higher than analysts had expected (45 billion). The net income of 2.9 billion dollars is also a pleasant surprise. General Motors knows where the profit comes from: stronger sales of full-size SUVs and pickups in America. Fuck yeah.
EVs are getting lip service. While GM has acknowledged before that it is cutting back on EV investments, that is the politically correct topic to talk about. Sales of the Equinox EV are stronger than ever. In Q2, 22,000 were sold, up 34 percent from Q1. A cheaper version is coming that will cost just $35,000 in the US and will also qualify for the $7,500 tax credit.
Cadillac and other brands in the umbrella are also releasing more EVs. But they are all doing smaller numbers. For reference, GM sold 555,000 Silverados last year alone. And unlike those EVs, the company is selling those behemoths at a hefty profit. Which is noted…
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marcomanta say
And if Trump becomes chief, kick out EV, oh wait, Elon made a hefty donation.
