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General Motors (GM) on Tuesday reported its 1Q 2024 results, better than estimates, as a result of stable pricing and demand for its gasoline based vehicles. The company’s revenue increased 7.6% YoY to $43bn, topping estimates of $41.9bn and its net profit increased by 24.4% YoY to $3bn. The company also raised its full year pre-tax profit guidance to $12.5-14.5bn from the earlier figure of $12-14bn. Despite the positive results, GM’s self driving car unit subsidiary i.e., Cruise, and shrinking sales in China continue to be the challenges for the company. According to GM’s CEO, Mary Barra, they are looking for additional funding including outside investment to support the technological development at Cruise.
GM’s bonds traded stable with its 4.3% 2029s at 93.9 cents on the dollar, yielding 5.74%.
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