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Largest U.S. automaker nearly doubles profit

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General Motors Co.’s (GM) quarterly profit nearly doubled, beating expectations, as the top U.S. automaker took a larger share of sales globally and raised prices on its vehicles, Reuters reported.

Coming out of bankruptcy, GM CEO Dan Akerson and other executives said the company had stripped out enough costs to recession-proof the business so it could thrive even in a weak auto market. The industry’s sales slump in the second quarter, and the risk of a double-dip recession, could provide the first major test for that claim.

“There is an increased level of uncertainty,” GM Chief Financial Officer Dan Ammann told reporters. “But what we’re trying to do, and what we’ve done successfully, is to configure the business with a low break-even point and a strong balance sheet so we can handle whatever scenario comes along.”

GM is pushing heavily into smaller, more fuel-efficient cars like the Chevrolet Cruze, but a good portion of its profit relies heavily on sales of more lucrative trucks in the U.S. market.

Net income in the second quarter rose to $2.52 billion, compared with $1.33 billion a year earlier. Revenues increased 19 percent to $39.4 billion, above the $36.74 billion analysts had expected.