GM Reports 11.1% Growth in Revenue Year-Over-Year in Q1

2024 Cadillac LYRIQ.

GM on April 25 announced its financial results from the first three months of 2023, reporting $40 billion in revenue---an 11.1% growth compared to the first quarter of 2022---thanks in part to industry-leading fleet and commercial sales, and enough EV sales to make it the No. 2 electric automaker in the U.S.

In her letter to shareholders, GM CEO Mary Barra said the company was able to deliver “strong earnings thanks to healthy customer demand for our vehicles, our intense focus on operational excellence, and great teamwork between GM, our dealers, our suppliers and our unions.”

Barra said GM delivered more than 20,000 EVs thanks to rising Cadillac LYRIQ sales and the third consecutive quarter of record Chevrolet Bolt EV and Bolt EUV deliveries---which Barra later said are being discontinued this year to make way for production of the new all-electric Chevrolet Silverado and GMC Sierra pickups.

In addition to moving up to No. 2 in the U.S. EV market, GM increased its EV market share by 8 percentage points.

“This is also the breakout year for GM EVs and the Ultium Platform,” Barra said, reiterating GM’s plans to produce 400,000 EVs through the first half of 2024, including 50,000 EVs in North America in the first half of this year, and double that in the second half.

“In the weeks and months ahead, we will be sharing exciting news about our growing portfolio of Chevrolet, Buick, GMC, Cadillac and BrightDrop EVs,” Barra said. “This includes demonstrating that ‘work’ and ‘range’ are not mutually exclusive terms for the Chevrolet Silverado EV and GMC Sierra EV.”

Barra said GM and its suppliers will be announcing more investments as GM scales EV production and builds its domestic supply base, including the news, also announced April 25, that GM is partnering with Samsung SDI to open a fourth U.S. battery cell plant.

“All in all, it remains a truly exciting time for General Motors, and we thank you for your continued support and confidence,” Barra said.

Source: GM

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