General Motors Co. today reported its first-quarter earnings fell slightly from a year earlier.
Detroit-based GM said its quarterly profit fell to $2.9 billion, or $1.35 a share, compared with $3 billion, or $2.03 a share, in the first three months of 2021.
Adjusted earnings before interest and taxes for the quarter slipped to $4 billion from $4.4 billion.
Revenue for the quarter totaled almost $36 billion, up from $32.5 billion a year earlier.
The automaker forecast a full-year profit of $9.6 billion to $11.2 billion and an adjusted profit of $13 billion to $15 billion.
“Our confidence is strong as we accelerate our transformation, even in the face of a challenging macro environment,” CEO Mary Barra said in a letter to shareholders.
GM is relying on profits from large pickups and SUVs as it shifts to electric vehicles. The automaker, like other automakers, is moving to boost the output of EVs.
“Launching more EVs faster is the catalyst for growth, and we are accelerating our volumes,” Barra said in the letter to shareholders.
“The supply chain supporting our EV production will be a competitive advantage as well,” The CEO said.
“To control our own destiny, we started early, establishing strategic, long-term relationships, and we are sourcing as much as possible from North America and strong trading partners like Australia,” she said.
Earlier this year, GM said it and Honda Motor Co. are collaborating on making lower-cost EVs to be introduced later this decade.
GM, like its competitors, also is dealing with a continuing shortage of computer chips. That shortage has curtailed vehicle production and caused sporadic plant shutdowns.
Connect With Us
