GM shares drop 7.8pc despite record pre-tax profit, improved outlook | Malay Mail

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DETROIT, Aug 4 — General Motors Co’s pickup trucks are hauling in cash through the global semiconductor shortage and a resurgent pandemic, but investors today signalled they want more from Chief Executive Mary Barra. Shares in the No. 1 US automaker fell 7.8 per cent. The harsh reaction to...

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DETROIT, Aug 4 — General Motors Co’s pickup trucks are hauling in cash through the global semiconductor shortage and a resurgent pandemic, but investors today signalled they want more from Chief Executive Mary Barra.The harsh reaction to GM’s numbers — and to strong results earlier today from Toyota Motor Corp and Honda Motor Co — underscore the uncertainty facing global automakers in a time of technological and economic disruption.

GM reported second quarter net income of US$2.8 billion , or US$1.90 a share, compared with a loss in the year-earlier quarter of US$806 million, or 56 cents a share. The latest results included an US$800 million cost for a second recall of Chevrolet Bolt electric cars. Rival Stellantis NV earlier this week boosted its target for full-year operating profit margins to about 10 per cent from an earlier forecast of 5.5 per cent-7.5 per cent.

The grinding pandemic also continues to threaten GM’s profit machine, directly and indirectly. The company expects to lose production of about 100,000 vehicles in North America in the second half, and anticipates commodity costs rising by US$1.5 billion-US$2.0 billion. GM said its more bullish full-year outlook depended on having no vehicles stuck in inventory because of a lack of semiconductors. As of June 30, GM said it had US$1.4 billion worth of incomplete vehicles in inventory.

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