General Motors Q2 results announced
General Motors released their second quarter earnings report before Wednesday’s opening bell.
The company reported total revenue of $34.17 billion in the second quarter vs. $30.9 billion expected. Earnings per share are reported at $1.97 per share, below analyst forecasts of $2.23.
In a letter to shareholders, company CEO, Mary Barra highlighted the importance of ‘going green’ and how the company is planning to achieve it: ‘At General Motors, we have been on a journey for several years to reinvent mobility to create a greener and safer world for all – while growing the company and creating shareholder value. Halfway through 2021, I’m pleased to report we’re accelerating our progress and advancing our vision of a world with zero crashes, zero emissions and zero congestion.’
‘Accelerating our all-electric future requires an EV value chain that is secure, sustainable, scalable and cost competitive. To do this, we are creating a diversified, environmentally friendly and geographically diverse value chain through investments, strategic partnerships and supply agreements.’
‘For example, we are working with suppliers to develop new sources in the United States for lithium, a key battery cell component, and accelerate the adoption of extraction methods that have less of an impact on the environment. We’re taking a similar approach with other critical minerals needed to support our EV future.’
‘We also plan to source 100-percent renewable energy to power our U.S. sites by 2030, global sites by 2035, and to become carbon neutral in our global vehicles and operations by 2040. In 2020, GM was the sixth largest corporate clean energy buyer in the world.’
Shares of General Motors were down by over 8% at the end of the trading day on Wednesday, trading at $52.72 per share. The stock is up by 104% in the past year.
General Motors chart (1Y)
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Sources: General Motors, TradingView, Refinitiv
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