GM’s current base

General Motors booked second quarter 2023 revenue of US$44.7bn, net income of $2.6bn and EBIT adjusted of $3.2bn.

The automaker buried comparisons in small print at the end of a results statement despite all three markers being positive, up 18.1%, 7.1% and 10.2% respectively.

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Net income margin fell 14.5% and EBIT adjusted margin 6.7% however.

Q2 results included a $792m charge for EV battery deals with LG Electronics and LG Energy Solution.

“The charge reflects…. GM is taking new steps that will reduce its costs and improve EV margins over time,” the automaker said in the statement.

It increased full year 2023 guidance for the second consecutive quarter and now expects net income of $9.3bn-$10.7bn, up from $8.4bn-$9.9bn.

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EBIT-adjusted was pegged at $12bn-$14bn ($11bn-$13bn).

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