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Michigan-based GM boosted its adjusted pre-tax profit projection for the year to $12.5 billion to $14.5 billion, from its previous range of $12 billion to $14 billion.
DETROIT (Reuters) -General Motors on Tuesday posted quarterly results that topped Wall Street targets and raised its annual forecast, citing stable pricing and demand for its gas-engine vehicles, sending shares up 4.9% in pre-market trading. “Our consumer has been remarkably resilient in this period of higher interest rates,” GM Chief Financial Officer Paul Jacobson said. Despite the company's struggles in China and with electric vehicles, strong vehicle pricing with gasoline-powered trucks pleased investors.
A survey of North American equities heading in both directions
General Motors: "There ... is the reality that the pricing is staying stronger for longer than anybody anticipated," said Tim Piechowski, portfolio manager at ACR Alpine Capital Research in St. Louis, which owns GM shares.
Despite government investments and optimistic statements, challenges such as consumer demand, infrastructure limitations, and market adjustments are hindering the expected boom in electric vehicle sales.