General Motors Co (NYSE:GM)

$ 53.7 1.9 (3.67%) Market Cap: 59.05 Bil Enterprise Value: 152.59 Bil PE Ratio: 5.72 PB Ratio: 0.83 GF Score: 80/100

Q2 2024 General Motors Co Earnings Call Transcript

Jul 23, 2024 / 12:30PM GMT

Release Date Price: $46.38 (-6.42%)

Transcript 10-Q8-K

Key Points

Positve

Record revenue in both the second quarter and first half of 2024.
US EV deliveries grew 40% year over year in the second quarter.
Stable pricing with incentives more than 100 basis points below the industry average for four consecutive quarters.
Chevrolet Silverado and GMC Sierra volumes in the US were up a combined 5% versus a year ago.
Strong performance from the ICE business and stable pricing across the portfolio.

Negative

Reported a loss in China and expect the rest of the year to remain challenging.
Higher marketing spend expected in the second half of the year.
EV volumes are expected to build sequentially, but mix will be a bigger headwind in the back half of the year.
Decision to pause the production of Cruise Origin triggered a charge of roughly $600 million.
Assuming a bigger pricing headwind in the second half of the year.

Operator

Good morning and welcome to the General Motors company second quarter 2024 earnings conference call. During the opening remarks, all participants will be in a listen-only mode. After the opening remarks, we will conduct a question and answer session. We are asking analysts to limit their questions to one and a brief follow-up. (Operator Instructions)

As a reminder, this conference call is being recorded Tuesday, July 23, 2024. I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations.

Ashish Kohli

General Motors Co - Vice President of Investor Relations

Thanks, Amanda, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the second quarter of 2024. Our conference call materials were issued this morning and are available on GM's Investor Relations website.

We are also broadcasting this call via webcast. Joining us today are Mary Barra, GM's Chair and CEO; and Paul Jacobson, GM's Executive Vice President and CFO; Dan Berce, President and CEO of GM

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