) after the automaker raised its guidance for a second time earlier this year on the back of decent US sales. Questions around GM’s EV business and inventory management, however, will be in focus.
Following strong Q2 results in July, GM lifted its 2024 guidance for a second time, with the company now expecting full-year adjusted EBIT of $13 billion to $15 billion, up from the prior $12.5 billion to $14.5 billion. GM also said it projects full-year adjusted EPS of $9.50 to $10.50, compared to $9.00 to $10.00 prior.
Not surprisingly, GM’s sales of pickups and full-size SUVs led the way, but EV sales were also a highlight. Despite the drop in sales for the Bolt EV, GM’s other EVs picked up the slack, with sales of 32,195 EVs in total, up 60% compared to a year ago. Yu was generally positive on GM pricing trends , despite GM reporting inventories for gas-powered cars climbing to 68 days of supply.
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