G.M.’s Profits Fell 3% in the First Quarter

Normal Motors stated it made $2.9 billion within the first three months of the yr, down 3 p.c from the identical interval a yr in the past, when it had a $3 billion revenue.

The automaker has been slowed by the persevering with scarcity of laptop chips, which has hindered auto manufacturing around the globe and has raised costs of recent and used automobiles. G.M. can be spending closely to deliver out new electrical automobiles and construct factories for these automobiles and their batteries.

The corporate reported first-quarter income of $36 billion, up almost 11 p.c from a yr earlier. G.M. offered 831,000 automobiles globally within the quarter, 10,000 greater than within the first three months of 2021.

“Our confidence is robust as we speed up our transformation, even within the face of a difficult macro atmosphere.,” G.M.’s chief govt, Mary T. Barra, stated in an announcement. “We’ve taken the time to do E.V.s proper,” she added.

G.M. has plans to introduce greater than 20 electrical fashions in the USA by 2025, however it’s being upstaged this week by Ford Motor, which stated on Tuesday it had began producing an electrical model of its F-150 pickup truck. G.M. is anticipated to start out making an electrical Chevrolet Silverado pickup truck subsequent yr.

G.M. plans to start producing batteries at a brand new manufacturing facility in Lordstown, Ohio, this summer time and is constructing three extra battery crops in the USA. The corporate has lately began making an electrical GMC Hummer truck and an electrical luxurious sport-utility automobile, the Cadillac Lyric. It additionally resumed making the Chevrolet Bolt this month after working to repair a defect within the automobile’s battery. G.M. plans to start out making electrical supply vans at a plant in Canada by the tip of the yr.

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