General Motors (GM) has reported impressive financial results for the fourth quarter of 2024, with a pretax profit of $14.9 billion, significantly aided by strong sales of its pickup trucks. The company’s net income for the quarter was $4.9 billion, reflecting a notable increase from $3.5 billion in the same quarter the previous year. The growth is attributed to the increasing demand for GM’s light-duty and heavy-duty pickups, with sales volumes surpassing expectations. GM’s CEO, Mary Barra, emphasized the company’s ongoing commitment to delivering strong financial performance, stating, “We remain on track to deliver sustainable, profitable growth as we continue to innovate and invest in our electric vehicle strategy alongside our robust traditional vehicle lineup.” In addition, the company reported adjusted earnings of $2.02 per share, exceeding analysts’ expectations of $1.87 per share. Furthermore, GM’s operations in China, although facing challenges, continue to be a vital part of its global strategy with significant investments made in its Cruise division, which accounted for substantial expenses yet is positioned for future growth. “We are confident in our ability to navigate any headwinds as we scale our Cruise operations,” remarked Barra, highlighting the potential of autonomous vehicle technology. Overall, GM’s solid financial performance reinforces its position as a leader in the automotive industry as it pushes forward with initiatives aimed at enhancing both its traditional and electric vehicle offerings.
