GM reports Q4 sales and profit beat, issues improved profit outlook but admits EV pace has slowed

New York, January 30, 2024 - PRISM MarketView - General Motors (GM) disclosed a 54% drop in its Q4 pretax profits to $1.8 billion this Tuesday morning. Despite this, CEO Mary Barra remains confident about the future, particularly concerning their EV business. She expressed expectations for their US portfolio to turn variable profit positive in the latter half of the year, underpinned by factors such as growing EV demand, strong vehicle interest, reduced commodity prices and more.

In a recent one-on-one with Yahoo Finance Executive Editor Brian Sozzi, Barra reiterated these aspirations while discussing GM’s ambitions, focal points and future performance.

We also had the chance to hear from Garrett Nelson, CFRA Research’s VP & Equity Analyst, during a Live show, where he provided further insight into GM’s outlined future objectives.

According to Nelson, there is no doubt about the strength of margins from their gas-powered vehicles. He pointed out that while GM is in the process of making a pivot in their capex and operational plans, the transition towards EVs would be a gradual one over the next decade or so. However, he also mentioned a potential challenge – the oversaturation of the EV market. Despite this, GM remains committed to its EV future, as demonstrated by a substantial $10 billion stock buyback announced last November.

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