DETROIT, MI — The General Motors Co. beat Wall Street expectations on Tuesday, delivering first-quarter net income of $3 billion based on total revenue of $43 billion.
The company, known for its notorious bow tie emblem, saw the positive results despite seeing a 1.5% decline in overall sales year-over-year in the first quarter as fleet deliveries dipped 23%. GM’s U.S.-based dealers sold 594,233 new vehicles in the first three months of this year. That compares with 603,208 cars a year ago.
The electric vehicle platform was led by Bolt, which GM halted production of in December, but it still led GM’s EV sales with 7,040 delivered vehicles in the U.S., down 64% YoY. Meanwhile, the Cadillac Lyriq’s sales increased 499% from 968 to 5,800.
The Motor City automaker also increased its guidance for the year of adjusted earnings to be in a range of $12.5 billion to $14.5 billion, up from $12 billion to $14 billion.
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