On July 23, General Motors reported a 37.2% gain in its EBIT-adjusted income, to USD 4.4 billion for Q2, as total revenue rose 7.2% to USD 48.0 billion, and net income rose 14.3% to USD 2.9 billion from the same period in 2023.
GM CFO Paul Jacobson said that GM recorded a USD 600 million charge for indefinitely stopping production of the self-driving Cruise Origin, assembled at Factory Zero, but paused since November 2023.
CEO Mary Barra said the Cruise subsidiary will instead focus "their next autonomous vehicle on the next-generation Chevrolet Bolt, instead of the Origin. This addresses the regulatory uncertainty we faced with the Origin because of its unique design. In addition, per-unit costs will be much lower, which will help Cruise optimize its resources."
While the decision on where the Cruise version of the Bolt will be assembled has not been made, Jacobson said it will most likely be at the Fairfax Assembly plant in Kansas, which will build the upcoming new Chevrolet Bolt using the Ultium propulsion system.
Jacobson said production of the Equinox EV at the Ramos Arizpe Assembly plant in Mexico has been increased and the GMC Sierra EV pickup, Cadillac Optiq, Cadillac Escalade IQ and Cadillac Celestiq will launch later in 2024.
For 2024, GM expects to report an adjusted EBIT of USD 13 billion to USD 15 billion, compared with earlier guidance of USD 12.5 billion to USD 14.5 billion.
(GM Q2 Letter on July 23, 2024) (GM Q2 results July 23, 2024) (Detroit Free Press July 23, 2024)