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Automotive Giants GM and Tesla Show Strong Q2 Performance ...
2024-07-23 19:55:07
Automotive
Business

Automotive Giants GM and Tesla Show Strong Q2 Performance Amidst Technological Advancements

General Motors (GM) reported impressive Q2 results with record revenue, surpassing earnings, and raising full-year guidance. The company's focus on high-demand gas, trucks, and EVs, along with expansion in the Cruise autonomous unit and a substantial stock buyback, contributed to its success.

GM aims for significant EV production in 2023. Conversely, Tesla anticipates its Q2 earnings with a spotlight on profit margins and the robotaxi unveiling. Despite price cuts affecting margins, Tesla plans to introduce humanoid robots in production.

The company's stock value surged, although China sales dipped. Investors are eager for updates on cheaper EV models and Tesla Energy to achieve a $1 trillion valuation.

Both GM and Tesla showcase resilience and innovation in the competitive automotive industry.

Related news on that topic:

GM's Mixed Quarter: Profit Growth, EV Challenges, and Cruise's ... Shift

General Motors (GM) outperformed in Q2, raising profit forecasts despite challenges. The Cruise division pivots from the Origin to the Bolt EV due to regulatory and cost issues. A $500M US grant for an EV plant contrasts with a lowered 2024 EV target. GM faces a cyberattack, China losses, and investor scrutiny. Transition to EVs slows, with plug-in hybrids planned for 2027. Gas-powered trucks drive profits while CEO Barra maintains an EV focus. Competitor Ford benefits from hybrid sales as GM navigates uncertainties. GM's stock fluctuates as concerns linger over meeting EV production goals. Cruise's strategic move involves scrapping the Origin robotaxi for the Chevrolet Bolt and appointing new leadership for safety. Ford hints at expanding energy options beyond internal combustion engines for future models.

Tesla's Profits Fall as Price Cuts and Incentives Take a Toll

Tesla's automotive gross margin fell, missing estimates, as it cut prices and increased AI spending. The company plans new affordable models by 2025 but expects less cost reduction. Tesla's regulatory credit sales nearly tripled, and Cybertruck production remains on track. China-made EV sales slumped, while Robotaxi deployment depends on technological and regulatory progress. Tesla incurred $350 million in employee termination expenses, while GM's Cruise delayed its Origin self-driving vehicle. Tesla's shares surged after shareholders approved Musk's $56 billion pay package, but Musk delayed the robotaxi announcement to October. Tesla's earnings fell 43% in the second quarter of 2024, and its profit sank sharply due to weak electric vehicle sales. General Motors is scaling back its Cruise Origin autonomous vehicle and focusing on cost reduction and regulatory hurdles. Elon Musk's endorsement of Trump has affected Tesla's favorability among Democrats and Republicans. Tesla's aging cars are not selling well, prompting promises about AI and new models. Tesla plans to use humanoid robots in its production by 2025.

Read 7 more recent news on this topic

The press radar on this topic:

The Street
25. Juli 2024 um 01:06

Tesla earnings on deck with margins, robotaxi unveiling in focus TheStreet Daily Newsletter

Technology
Finance
Economy
Tesla's Q2 earnings report expected, with focus on profit margins and robotaxi unveiling. Deliveries topped forecasts at 444,000 vehicles, including 422,405 Model 3/Y and 21,551 Model S/X. Price cuts may impact margins, expected at 16.5-17%. Tesla plans to add humanoid robots to production. Stock has surged 26% this month, adding $160 billion in market value, despite 25% China sales slump. Revenues expected to decline 0.65% to $24.77 billion. Earnings per share forecast at 62 cents, down 32% y..
Yahoo Finance
22. Juli 2024 um 17:23

GM Q2 earnings: GM beats, raises full-year guidance for 2nd straight quarter on the back of robust sales

Economy
Finance
Technology
GM reported record revenue, beat EPS, boosted guidance. Strong sales of gas, trucks, and EVs. Cruise autonomous unit expanding. $6B buyback. Profitability metrics, Silverado/Sierra up. Cruise shifting to Bolt EV, $600M charge for Origin. GM targets 200,000-250,000 EV production in 2023.
Yahoo Finance
23. Juli 2024 um 14:35

GE Aerospace Stock Jumps on Earnings Beat, Guidance Boost

Finance
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GE Aerospace's stock jumped over 6% in early trading Tuesday following the release of its strong Q2 earnings and raised full-year guidance.
Yahoo Finance
23. Juli 2024 um 14:28

Tesla Q2 earnings preview: Robotaxi, cheap EV updates critical to bull thesis

Technology
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Tesla Q2: Robotaxi, cheaper EV, Tesla Energy key. Deliveries mixed, battery storage strong. Investors watch Musk pay, AI/FSD monetization for $1T+ valuation. Q2 financials expected: revenue up, EPS down.
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