The numbers are in, and General Motors has posted a $3 billion profit for the first quarter of 2024. This profit is a 24% increase over this time last year. Due to the higher than expected profits, GM is increasing its guidance for the year.
WWJ Auto Beat Reporter Jeff Gilbert says the Detroit-based automaker now expects to make somewhere between $10.1 billion and $11.5 billion in 2024, which is an increase of about $300 million from their original goal.
In North America, GM posted pre-tax earnings of $3.8 billion.
This comes as GM's Chief Financial Officer Paul Jacobson says the auto market remains strong.
"We feel pretty good, as evidenced by the willingness to take our guidance range up this year," Jacobson said. "I think, you know, our consumer has been remarkably resilient in this period of higher interest rates."
Gilbert reports U.S. auto sales actually dipped some overall, but GM's first quarter net income rose more than 25% thanks to a strong market for pickup trucks and other high-profit vehicles.
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