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General Motors Co. (NYSE: GM) today reported Q1 2021 earnings of $2.98 billion boosted by strong price and better model-mix sales in North America, solid credit and residual value performance at GM Financial, as well as effective participation in the auto industry recovery in China, the world’s largest vehicle market.
During a call to media and investors GM said it was confident in its full-year 2021 guidance outlined earlier as it works to manage through the semiconductor shortage, which is negatively impacting all automakers globally. GM said it will lose production of 1.1 million vehicles during 2021, up from an earlier estimate of 200,000 to 400,000. Continue reading
Stellantis First Ever Q1 Shows Revenue, Sales Increases
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In its first Q1 financial report since the merger of FCA and PSA at the beginning of January, Stellantis had net revenues that increased 14% at €34.3 billion or €37.0 billion on a pro forma basis – as if merger occurred on 1 January 2021.
This was primarily due to “higher overall volumes, positive net pricing, improved market mix, mainly in North America and Enlarged Europe, as well as favorable vehicle mix, partially offset by negative foreign exchange translation effects.” Continue reading →