DETROIT – General Motors’ first-quarter earnings blew away Wall Street’s expectations as it navigated through a global semiconductor chip shortage, but the company has major projects in sight for the remainder of the year.
The automaker reported pretax adjusted earnings of $4.4 billion, or $2.25 a share, and revenue of $32.47 billion for the first quarter. Wall Street expected $1.04 earnings a share on an adjusted basis and revenue of $32.67 billion, according to average estimates compiled by Refinitiv.
GM CEO Mary Barra told investors Wednesday that the first quarter was another proof point that the automaker’s underlying business is strong. She reiterated that the near-term chip challenges will not affect GM’s announced investment plans in growth initiatives and emerging technologies, including $27 billion in electric and autonomous vehicles through 2025.
Here’s more on GM’s plans for those investments, as well as what shareholders should know about the company for the remainder of the year – from an investor day to increasing production of pickup trucks.
