GM's Strategic Growth Plan for EV Market Success

General Motors Reports Strong Earnings and Raises Financial Targets

General Motors ( GM ) recently announced their second - quarter earnings , surpassing Wall Street expectations and prompting the company to raise its financial targets for 2024 . The Detroit - based automaker now expects adjusted earnings before interest and taxes between 3 billion and 5 billion , up from the previous guidance . Additionally , GM reported adjusted earnings per share of .06 , exceeding the expected .75 , and revenue of 7.97 billion , higher than the estimated 5.46 billion . Shares of GM saw a 4 % increase during premarket trading , with the stock rising about 38 % in 2024.

Strong Performance in North America and Challenges in China

GM 's North American operations , driven by robust truck sales , significantly contributed to the company 's second - quarter performance . The division reported increased earnings and a profit margin of 10.9 % . However , GM faced challenges in China , with operations posting an equity loss of 04 million . The company is working to restructure its joint venture in China to ensure profitability and sustainability . GM also reported adjusted earnings from its international operations and financing arm during the second quarter.

Focus on Electric Vehicles and Autonomous Driving

Despite slower - than - expected adoption , GM remains committed to producing between 200,000 and 250,000 all - electric vehicles in North America . The company saw a 40 % increase in EV deliveries during the quarter but noted that EVs only accounted for 3.2 % of total U.S. sales . GM aims to achieve profitability with its EVs once production reaches 200,000 units by the fourth quarter . The company also announced the indefinite pause of production for its Cruise Origin autonomous vehicle , resulting in a 00 million special charge in the second quarter.

Outlook and Future Plans

GM 's CEO Mary Barra expressed gratitude to the GM team for delivering strong second - quarter results , leading to an increase in full - year guidance for earnings , free cash flow , and earnings per share . The company remains focused on disciplined volume growth and profitability metrics . GM also authorized a billion share buyback plan in June . Despite adjustments to its EV production targets , GM is committed to having 10 EV models in the market by the end of the year and expanding its Cruise autonomous driving unit to new cities . The company is optimistic about its future prospects amidst ongoing challenges in the global Automotive industry.