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Originally Posted by Martinjlm
Not sure where you’re getting this. GM out-performed earnings projections for the 1st three quarters of 2024 and the stock price is up about 40% over the same time last year. 4th quarter and total year earnings have not been reported yet but are expected to again exceed expectations.
New York (CNN) — General Motors reported much stronger than expected third-quarter earnings and gave an outlook that puts it on the path for record earnings in 2024 – just a year after a costly strike by members of the United Auto Workers union.
The company reported it earned an adjusted profit $3.4 billion in the third quarter, up from $3.2 billion for the year ago period, which was impacted by the first two weeks of the strike that lasted more than six weeks. Adjusted earnings for the first nine months of the year reached $9.9 billion.
Revenue rose more than 10% to $48.8 billion, topping forecasts by nearly $800 million and rising far faster than the 5% increase in the number of vehicles it sold. That means GM is selling cars at higher average prices this year than it was in 2023. Its average transaction price in North America reached nearly $50,000.
T1XX SUV has not been cancelled. It’s a cash cow for Pete’s sake. There are likely some delays. That’s par for the course in the auto industry. Continuing the current truck and utilities for a year or lest won’t bankrupt the company.
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T1XX SUV has certainly been canceled and the truck has been delayed. I work in the auto manufacturing industry and have been prompted by GM to submit cancellation costs on the SUV tools and they also instructed that the truck will have the tooling completed but once complete will sit.
Some of my contacts inside GM have also told me that its not due to the tariffs or the election but that they have too much money sitting on lots that they are unable to sell. They have a severe cashflow issue that is not exclusive to GM but many of the larger auto manufacturers. It is fact that right now their is more stock sitting in lots than has ever been in the past and auto manufacturing is set to decrease this year due to this.
2025 is going to be a SLOW year in the auto manufacturing sector and it will be difficult times for GM, Stellantis, Ford, Nissan for sure.
Believe what you'd like to though, that's your right.