General Motors reported second quarter profit and revenue on Tuesday that beat Wall Street’s expectations, Reuters reported, and raised its annual profit forecast for a second time this year, buoyed by strong pricing and demand for ICE trucks.
The company’s shares plunged over 6%, however, the report noted.
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The company reported adjusted earnings per share of US$3.06 that beat Wall Street’s average estimate of $2.75, according to LSEG data. The carmaker reported $48bn in revenue for the quarter, surpassing analysts’ consensus of $45.5bn.
GM reported a 14% year on year increase in net income to $2.9bn, Reuters said.
The automaker increased its adjusted pre-tax profit projection for the year to $13bn to $15bn, from $12.5bn to $14.5bn.
“We’re encouraged by the early results we’re seeing in EVs now that we can build at scale,” CFO Paul Jacobson said in a call with Reuters and other media.
Reuters added GM executives also provided an update on its Cruise self driving unit, saying it would focus its development efforts on a new Chevrolet Bolt rather than its planned futuristic Origin vehicle which would not have a steering wheel or other human controls.
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