GM beats Q2 earnings and announces gas-powered Cadillacs as nearly $11 billion EV retreat nears completion
TL;DR
GM beat Q2 estimates by 37 cents a share, raised guidance, and announced gas-powered Cadillacs for 2027 as its EV pullback nears completion.
General Motors beat Wall Street’s second-quarter estimates by 37 cents a share on Tuesday, raised its full-year earnings guidance for the second time this year, and used the same earnings call to announce that Cadillac will launch new gas-powered versions of the CT5 sedan, XT5 crossover, and discontinued XT6 three-row SUV starting next spring. Revenue came in at $48 billion, above the $47 billion analysts had expected, while adjusted earnings rose roughly 30 percent year over year to nearly $4 billion. CFO Paul Jacobson told CNBC the company’s stock is a “bargain” at roughly $75 a share, up more than 40 percent from a year ago.
The Cadillac announcementis the clearest signal yet that GM’s all-electric strategy is over. The company had planned...
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