{"id":74723,"date":"2024-07-23T10:35:58","date_gmt":"2024-07-23T14:35:58","guid":{"rendered":"https:\/\/autosector.com\/?p=74723"},"modified":"2024-07-23T10:35:58","modified_gmt":"2024-07-23T14:35:58","slug":"gm-preps-next-cycle-ev-growth-record-q2","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=74723","title":{"rendered":"GM ready to unleash next cycle of EV growth after record Q2 revenue"},"content":{"rendered":"
\n\t\"GM-EV-Q2\"<\/figure>\n

After beating top and bottom line estimates in the second quarter, General Motors<\/a> (GM) raised FY guidance for 2024. With \u201cencouraging\u201d early sales results in Q2, GM is preparing \u201cto unleash the next cycle of EV growth.\u201d This includes scaling Chevy Equinox EV production while launching new GMC and Cadillac EVs.<\/p>\n

<\/p>\n

GM raised 2024 guidance for the second time this year after posting record Q2 revenue and North American profits.<\/p>\n

GM\u2019s revenue rose 7.2% to nearly $48 million, a new Q2 record. Wall Street expected around $45 billion. Net income also surged 14% to $2.9 billion. GM said stronger pickup and SUV sales in North America fueled the earnings growth.<\/p>\n

Although GM\u2019s higher-margin ICE models led to record Q2 profits<\/a>, the company said it\u2019s ready to \u201cunleash the next cycle of EV growth.\u201d<\/p>\n

To do so, GM is scaling production of the Chevy Equinox EV. GM calls the electric SUV a \u201cgame changer\u201d with over 300 miles range, a tech-loaded interior, and an affordable starting price.<\/p>\n

\u201cChevy seems positioned to grab a piece of the pie that no one else has quite grabbed onto yet,\u201d a product reviewer said about the new all-electric Equinox.<\/p>\n

GM claims the Equinox is the \u201cmost affordable\u201d EV with over 315 miles range. Although the cheapest model (2LT FWD) starts at $41,900, an even more affordable 1LT FWD model<\/a> will be available later this year, starting at $34,995. All models qualify for the $7,500 EV tax credit.<\/p>\n

\"GM-EV-Q2\"
2024 Chevrolet Equinox EV 1LT (Source: Chevrolet)<\/figcaption><\/figure>\n

GM ready for next EV growth phase after record Q2<\/h2>\n

\u201cWe\u2019re encouraged by the early sales results,\u201d GM said, after delivering nearly 22,000 EVs in the second quarter, up 34% from Q1 and a new Q2 record.<\/p>\n

GM sold over 1,000 Chevy Equinox EV models in the second quarter after deliveries kicked off<\/a> in May. Meanwhile, the brand sold 6,634 Blazer EVs, another Chevy electric SUV rolling out. With the Silverado EV also hitting the market, Chevy looks to make up for the Bolt EV, which is being phased out.<\/p>\n

\"GM-EV-Q2\"
Chevy Blazer EV (left), Chevy Equinox EV (middle), Chevy Silverado EV (right) (Source: GM)<\/figcaption><\/figure>\n

Chevy will introduce the next-gen Bolt EV next year. When it arrives in 2025, GM claims it will be the most affordable EV<\/a> on the market.<\/p>\n

Over the next few months, GM will bolster its lineup with new EVs, including the GMC Sierra EV and Cadillac OPTIQ, Escalade IQ, and CELESTIQ models launching.<\/p>\n

GM reaffirmed its goal of achieving positive variable profits from its EVs in Q4. Despite the strong lineup, the company is \u201ccommitted to disciplined volume growth,\u201d which is key to hitting its target, according to GM.<\/p>\n

\"GM-EV-Q2\"
Ultium EVs outside GM\u2019s Mountain View, CA office (Source: GM\/ Jim Gensheimer)<\/figcaption><\/figure>\n

Struggles in China, EV tech continue<\/h2>\n

To simplify autonomous vehicle tech, GM\u2019s Cruise team will focus on the next-gen Chevy Bolt EV instead of the Origin.<\/p>\n

GM scaled back its EV production target for 2024<\/a> earlier this year, citing lower-than-expected demand. The company expects to build 200,000 to 250,000 EVs this year, down from as much as 300,000.<\/p>\n

\"Chevy-2025-Blazer-EV-prices\"
2024 Chevy Blazer EV RS (Source: GM)<\/figcaption><\/figure>\n

The American automaker is struggling in China amid fierce EV competition. \u201cIn China, we\u2019ve been taking steps to reduce our inventories, align production to demand, and reduce our fixed costs,\u201d CFO Paul Jacobson told the media on Tuesday.<\/p>\n

However, \u201cit\u2019s clear that the steps that we\u2019ve taken, while significant, have not been enough,\u201d he added. <\/p>\n

GM\u2019s losses in China reached $104 million, up from a $78 million profit last year. \u201cWe\u2019ve seen some significant share erosion, and it\u2019s intensely price-competitive. That means we\u2019ve got work to do,\u201d Jacobson explained.<\/p>\n

Source: Automotive News<\/a>, GM<\/em><\/p>\n

\n

FTC: We use income earning auto affiliate links.<\/em> More.<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

After beating top and bottom line estimates in the second quarter, General Motors (GM) raised FY guidance for 2024. With \u201cencouraging\u201d early sales results in Q2, GM is preparing \u201cto unleash the next cycle of EV growth.\u201d This includes scaling Chevy Equinox EV production while launching new GMC and Cadillac EVs. GM raised 2024 guidance […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-74723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/74723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=74723"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/74723\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=74723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=74723"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=74723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}