General Motors has announced a recent spike in gasoline car sales within North America in their 2024 first-quarter report.
The Q1 report was released on Tuesday and revealed a revenue of $3 billion in the first three months of the year – a 24% increase compared to last year’s Q1figures – with kudos to the company’s domestic market.
Tim Piechowski, portfolio manager at ACR Alpine Capital Research in St. Louis, which owns GM shares, said:
“The engine of the company is truck and SUV at this point. They’re just generating substantial profit and free cash flow that will continue to fund the initiatives in EV. Full steam ahead.”
The car manufacturer has reportedly struggled to sell electric vehicles in domestic and foreign markets but have instead had combustion engine car sales surge in North America, particularly pick-up trucks.
General Motor’s CFO, Paul Jacobson, said:
“We’re maximizing the strength of our ICE business, we’re growing our E.V. business and improving profitability.”
The US automaker and its joint ventures reportedly sold 895,000 vehicles globally in the first quarter, an increase of 4 percent. Included in this total figure was the delivery of over 441,000 vehicles in China alone.
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