GM shares sink 6% despite second-quarter beat as Wall Street fears 'good times won't last'
Publishing timestamp: 2024-07-23 04:01:01
Summary
GM beats earnings expectations for Q2, raises financial targets for 2024, but shares fall as investors worry about pullbacks in growth businesses and fear that earnings power has peaked. Despite strong financial results, GM's stock saw its worst daily decline since December 2022. The company is restructuring money-losing operations such as autonomous vehicles and its China business. GM's North American operations drove the second-quarter beat, but the company did not achieve the anticipated return to profitability in China. EV sales are increasing, but GM's EVs are not expected to contribute as positively to earnings as gas-powered models. GM is targeting production and vehicle wholesales of between 200,000 and 250,000 all-electric vehicles in North America.
Sentiment: MIXED
Tickers: GM,
Keywords: mary barra, breaking news: business, paul jacobson, china, general motors co, detroit, business news, breaking news: earnings, autos, transportation, dividends, earnings, business,
Source: https://www.cnbc.com/2024/07/23/general-motors-gm-earnings-q2-2024.html