GM Beats Second-Quarter Expectations, Raises Forecast Again

General Motors (GM) reported impressive second-quarter profit and revenue on Tuesday, surpassing Wall Street’s expectations. The company raised its annual profit forecast for the second time this year, driven by strong pricing and high demand for gas-powered trucks.

The Michigan automaker continues to see robust profits from its gasoline-engine offerings while preparing for a gradual transition to electric vehicles (EVs). GM executives confirmed that the company is on track to meet its ambitious EV production goals.

“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 reporters.

In response to these positive results, GM’s shares rose over 4% in premarket trading. The company updated its adjusted pre-tax profit projection for the year to $13 billion to $15 billion, up from the previous range of $12.5 billion to $14.5 billion.

GM reported adjusted earnings per share of $3.06, beating Wall Street’s average estimate of $2.75. The company also achieved $48 billion in revenue for the quarter, surpassing analysts’ consensus of $45.5 billion.

GM provided an update on its Cruise self-driving unit, announcing a focus on developing a next-generation Chevrolet Bolt rather than the futuristic Origin vehicle without human controls.

Despite a cyberattack that affected auto dealerships across the U.S. last month, GM’s quarterly results remained strong, with a 14% increase in net income over the previous year to $2.9 billion.

GM’s stock has performed exceptionally well in 2024, increasing by 38% and outperforming its rivals and the S&P 500. In comparison, Ford Motor has seen an 18% increase, while Stellantis has experienced an 11% decline.

Additionally, GM received significant financial support from the U.S. government this summer to bolster its EV ambitions.