General Motors is one of the latest companies to put out its earnings results for its latest fiscal quarter. Trying to gain a foothold in the electric vehicle space, General Motors has shifted a significant level of its business into developing EV versions of its more popular vehicles. With this in mind, General Motors had a goal of producing 50,000 EVs across the first half of its fiscal year and achieved it, but with recalls of some vehicles and supply issues haranguing it, GM also said the task was challenging and not at the level of efficiency the company wants to achieve.
General Motors posted its Q2 2023 earnings results on its investor relations website on July 25, 2023. Some highlights of the report included increased guidance for its full-year fiscal 2023 on the back of its winning revenue ($44.75 billion) and earnings-per-share ($1.91 per share) numbers. However, one of its more winning numbers was achieving over 50,000 EVs produced in the first half of its fiscal 2023. This was despite a recent recall that saw certain models of the Chevrolet Bolt EV and EUV (GM’s Ultium battery variant) pulled out of the market.
Between the recalls and GM’s decision earlier this year to end production of the current standard Chevy Bolt EV, it wasn’t all good news for the company. GM chief financial officer Paul Jacobson was proud that the company managed to achieve its goal in the EV market, but admitted that the path there had been “challenging”. In the results, GM also signals intent to boost production of its Ultium battery design in new EVs. The Ultium design is supposed to be space and orientation-efficient without sacrificing power and GM seemingly plans to bet big on increasing the amount of vehicles the design is utilized in throughout 2023.
General Motors also recently signed a deal with Tesla to utilize the latter’s charging format and bring GM vehicles into the Tesla Supercharger network. With the company continuing to try to gain ground in the electric vehicle space, it will be interesting to see if GM can top itself in EV production in the back half of its fiscal year.