Shares of General Motors (GM) are trading higher on Tuesday after the automaker reported better-than-expected first-quarter earnings results. RBC Capital Global Auto Analyst Tom Narayan joins Yahoo Finance to discuss the company's outlook on the US auto market, stating that GM is positioned "very well" for the road ahead. Narayan notes that moving forward, pure-play electric vehicle (EV) companies "are going to be really challenged with the EV slowdown." However, he emphasizes that GM has maintained exposure to internal combustion engine (ICE) vehicles, is building its own batteries, and plans to launch numerous products in the latter half of the year as they expect EV demand to recover. Although GM is investing heavily in the EV space, Narayan stresses that the majority of the company's first-quarter revenues came from ICE vehicles and not EVs. He highlights that the EV segment will boost margins due to "pure scale" benefits as the company plans to ramp up production and sales of its electric models. Yahoo Finance Executive Editor Brian Sozzi spoke with General Motors CFO Paul Jacobson earlier this morning. In March, Sozzi also interviewed General Motors CEO Mary Barra on her leadership model and her plans for investing further into EVs. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance. This post was written by Angel Smith
General Motors (GM) reported first quarter results that topped analyst estimates on both the top and bottom lines. The automaker also raised its full-year profit outlook. GM CFO Paul Jacobson tells Yahoo Finance Executive Editor Brian Sozzi the results show that "pricing has held up very strong across the board." Jacobson credits product refreshes with both creating demand and helping to keep pricing on solid footing. On the topic of EV adoption, Jacobson says it will remain "choppy," though sales are "holding in there pretty well" for GM. Jacobson credits "flexibility" in GM's systems that allows them to do things like produce both EVs and internal combustion engine vehicles on the same production line. EV rival Tesla (TSLA) plans to make an announcement on its robotaxi on August 8th. GM's autonomous vehicle division, Cruise, has recently put its vehicles back on the road in Phoenix after suspending driverless operations due to safety concerns. "Just because we've paused vehicles on the road doesn't mean we've paused investment in the technology," Jacobsen says, noting the company is focused on safety and rebuilding credibility in the space. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Stephanie Mikulich.
Many eyes on Wall Street look towards Tesla (TSLA) as the EV maker gears up to report its first-quarter earnings for 2024. The EV maker has had a bumpy start to the year as its faced fierce competition in China and the US causing price cuts on its vehicles, with shares of the company sliding to a 15-month low. Yahoo Finance Senior Reporter Ines Ferré joins The Morning Brief to break down everything Tesla has faced recently as well as what investors should expect before it reports after Tuesday's market close. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Nicholas Jacobino
