GM’s successful first-quarter beats expectations

MICHIGAN (WNEM) - General Motors has reported a successful first-quarter, beating Wall Street’s expectations.

GM’s Executive Vice President and President for North America, Steve Carlisle, talked about what’s leading to the company’s success.

“The GM team’s off to a great start in 2023. We did report strong first-quarter earnings,” he said.

Those earnings beat Wall Street expectations with a first-quarter net income of $2.4 billion on revenue of $40 billion.

As a result, Carlisle said it also raised its full year guidance.

“We’re very pleased to be able to that,” he stated.

GM previously projected earnings of between $10.5 to $12.5 billion, but now they are anticipating up to $13 billion.

“We have great new vehicles that is helping us keep this momentum going and improving it, including five new pick-up trucks and four new small SUVs,” Carlisle explained. “The other important story in there is we see this as a breakout year for our electric vehicles including what we call our Ultium Platform.”

He also pointed out the success of General Motor’s Flint Assembly and said they have no plans to leave the longest running assembly plant in North America any time soon.

“We’re very committed to manufacturing in the United States and I’d say, based on what I described already about the line up that we have in our facilities, we’ve got a solid line up ahead of us as long as we can see. The future of Flint will always be on our mind as we start think about the longer future,” he said.

GM has also donated $905,000 to Flint area nonprofits since 2019.

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