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General Motors (NYSE: GM) today reported Q1 net earnings of $ 2,939,000,000 on $11 billion in revenue, with a Net Income margin of 8.2%, down 1.1 ppts. GM’s Q1 market share was 9% on sales of 1.4 million units. Market share was down YoY due to semiconductor shortages and availability of dealer inventory.
Increased production and robust customer demand from the Biden Administration recovery in North America played a significant part in a decent (So-so? It was basically the same as last year.) financial performance that nonetheless was down for shareholders – at $1.35 per share, off $0.68 compared year-over-year. Consider: For Q1 2022 Tesla reported $3.22 earnings per share, and revenue of $18.76 billion. Vehicle sales were 310,048. Moreover, Tesla reported record automotive margins of 32.9%.
Stellantis Hackathon – Hardware Enhanced by Software
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The first Stellantis “Hackathon” held over the past weekend in Detroit used a cloud-based software development kit and vehicle data to create apps that “gamify” driving to encourage safety, fuel efficiency. It’s the latest example of the direction that mobility tech companies, aka automakers, are taking as the industry moves from only “hardware” involving stamping, welding and bolting to software-defined vehicles. Many if not all automakers are racing to grow from their old blacksmithing ways. (AutoInformed: Dare Forward 2030 – Stellantis Survival Plan Unveiled)
The college teams were competing for real not-virtual money, $15,000 for the winning team, $5,000 for second place and $2,000 for third place. A majority of Stellantis vehicles will have full over-the-air (OTA) updating capability by 2024, with 34 million “monetizable” (sic) connected cars on the road by 2030. Continue reading →