China Economic Net, July 25th (Reporter Wang Yueyue) According to the financial report released by General Motors (NYSE: GM) on July 23rd, the net income for the second quarter of 2024 reached $48 billion, with a net profit of $2.9 billion; Adjusted pre tax profit reached $4.4 billion, with a pre tax profit margin of 9.3%; Adjusted diluted earnings per share were $3.06, and adjusted cash flow from the automotive business was $5.3 billion.
General Motors Chairman and CEO Mary Barra stated in a letter to shareholders, "Our performance in the first half of the year was indeed outstanding. Our products, discipline, and strategy will drive future success
General Motors continued to maintain a robust and stable pricing system in the second quarter, and further focused on profit margins and capital efficiency. The sustained hot sales of fuel vehicles such as pickup trucks and SUVs in the North American market, as well as the steady expansion of electric vehicles, have driven sales and performance growth in sync.
Multiple pure electric vehicles based on General Motors' Ultium platform were launched in the second quarter, including Cadillac's IQ Outback in China. In the Chinese market, sales of new energy vehicles, including pure electric and plug-in hybrid models, increased by 24.1% year-on-year in the second quarter, accounting for 38% of the overall quarterly sales, setting a new high for the same period.
The orderly growth of electric vehicle sales is crucial for the company to achieve its electric vehicle profit target in the fourth quarter of this year. In the coming months, more Outlander electric vehicles such as GMC Sierra, Cadillac Escalade IQ, and CELESTIQ will gradually enter the consumer market.
Cruise, a self driving company under General Motors, resumed on the roads in Phoenix, Dallas, and Houston in the second quarter, conducting self driving under human supervision. The company has appointed Marc Whitten as the new CEO and is shifting from Origin to the next generation of Bolt EV based autonomous driving projects to optimize resource allocation and achieve economies of scale in autonomous driving technology. In the future, Cruise will be led by artificial intelligence and rely on large models to continuously improve the safety performance of autonomous driving technology.
Based on the strong performance in the second quarter and good expectations for the market, General Motors has further raised its full year financial target, adjusting its net profit from the range of $10.1 billion to $11.5 billion to the range of $10 billion to $11.4 billion; Adjusted EBIT increased from the range of $12.5 billion to $14.5 billion to the range of $13 billion to $15 billion; Adjusted diluted earnings per share have been raised from the range of $9 to $10 to the range of $9.5 to $10.5; The adjusted cash flow of the automotive business has been raised from the range of $8.5 billion to $10.5 billion to the range of $9.5 billion to $11.5 billion.
When General Motors announced its first quarter financial report in April this year, it had raised its annual financial target once. According to the forecast at the time, General Motors' adjusted pre tax profit for the full year of 2024 will be in the range of $12.5 billion to $14.5 billion, and its net profit will be raised from the range of $9.8 billion to $11.2 billion to the range of $10.1 billion to $11.5 billion; Adjusted diluted earnings per share have been increased from the range of $8.5 to $9.5 to the range of $9 to $10, and adjusted cash flow from the automotive business has been increased from $8 billion to $10 billion to the range of $8.5 billion to $10.5 billion.