Results for: Cruise Autonomous Vehicle

General Motors reported a significant increase in net income for the first quarter of 2023, driven by strong sales of pickup trucks and other higher-margin vehicles. The company’s average sales price per vehicle remained stable, and pickup sales continued to perform well, contributing to the overall profitability. GM raised its full-year net income guidance slightly and projected a mid single-digit profit margin on electric vehicles next year. Despite challenges in international operations and losses from its Cruise autonomous vehicle unit, the company remains optimistic about its long-term prospects.

General Motors reported a 25% increase in its first-quarter net income, driven by strong sales of pickup trucks and other high-profit vehicles. Despite a slight dip in U.S. vehicle sales, the automaker’s average sales price remained stable at just under $50,000. GM’s better-than-forecast results led to a slight upward revision in its full-year net income guidance to a range of $10.1 billion to $11.5 billion.