The American automaker saw its turnover increase to 36 billion dollars.
US automaker General Motors (GM) slightly raised its full-year profit forecast on Tuesday (April 26th) on the back of solid demand for its vehicles, despite high prices, and an improvement in semis. -drivers. “Most vehicles are sold as soon as they arrive at dealerships“, notes the builder in a document.
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However, according to the firm Edmunds, the average price of vehicles sold by GM in the first quarter was 51,020 dollars, up 14.5% compared to the same period in 2021. Helped by these higher prices, the group saw its turnover increased by 11% over the period, to 36 billion dollars. However, this is a little less than expected by analysts.
«Decrease» sales in China
The group notably recorded a “decreaseof its sales in China, with consumers who do not necessarily have the desire or the possibility of buying cars due to the confinements linked to Covid-19, indicated its boss, Mary Barra, during a conference with journalists. The group’s net profit, for its part, fell slightly, by 3%, to 2.9 billion dollars. Adjusted per share and excluding exceptional items, the preferred measure of Wall Street investors, it was displayed above forecasts, at 2.09 dollars.
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These results “demonstrate our ability to manage the impact of rising raw material costs and our investments in our growth and transition to electric vehicles“, underlined the group. While the lack of semiconductors has held back production for the entire automotive sector since the start of 2021, GM observed in the first quarter a “improvement“, assured Ms. Barra. “We continue to believe that we will be able to manufacture 25% to 30% more vehicles than last year“, she added.
GM maintained its profit before interest and tax forecast for the year (between $13 billion and $15 billion), but raised its net profit forecast (to a range between $9.6 billion and $11.2 billion) as well. than its adjusted earnings per share forecast.