GM is chasing Tesla with Q1 profits at $2.9 billion


On the day when Ford is celebrating the launch of F-150 Lightning, GM proudly confirmed the pre-production of the Silverado will begin in just a few weeks. With 140,000 customers who already paid deposits for GM’s electric pickup truck, it bodes well for the Detroit automaker’s future. And the latest financial report shows the present isn’t too shabby either.

Net income for the first quarter of this year stands at a whopping $2.9 billion, same time last year it was $3 billion but still it’s nothing to scoff at. The revenue went up by $3.5 billion all the way to $36 billion. Now – to put these numbers in perspective, Tesla made a bit more profit on half the revenue. That’s the difference between legacy and disruptive automakers.

GM is hell bent on becoming EV leader whatever they mean by it, the goal is to produce 1 million EVs a year by the end of 2025, surely by that time other EV manufacturers will already be long past that number. This year GM plans to manufacture 400,000 all-electric vehicles – somebody please, just pass Mr Barra a dictionary with the word “leadership” highlighted in bright yellow.

We gotta give it to GM, though, it’s working hard to turn the fortunes around, releasing one EV after another after pushing hard with self-driving car services. Hummer EV is already out with the SUV version shortly to follow, next will be Silverado and Chevy Blazer and let’s not forget about Equinox EV. Even the trusty Bolt EV is back on the market after recent recall due to battery fire risk threatening to set every Bolt and its surroundings on fire. “It does what it says on the tin” pops into our minds… GM should be more careful with all those sparky names.

GM is chasing Tesla with Q1 profits at $2.9 billion

The Detroit automaker only recently celebrated beating the first world record in commercial EV space for a longest range all-battery electric van. If that’s not enough then how about an electric Corvette? Yes, GM announced that as well only couple of days ago to a terrified gasp from the hardcore Corvette enthusiasts – this will be the one to watch. All this comes at the time when all automakers are facing huge component shortages, with every brand losing billions of dollars in potential sales and stoppages that affect not only passenger car manufacturing but the commercial side of things as well.

With the slow manufacturing, low stock levels at the GM dealers and the highest inflation the US has seen in a very long time, prices had only one way to go – and they did. 20% increase for crossovers and 10% increase for trucks in a space of one year. GM is not alone here as this situation is affecting absolutely every automaker out there.

The production is currently slowly increasing which gives customers a bit of hope. To avoid any future shortages GM is working hard at securing components and raw materials and that includes palladium which is widely used in catalytic converters – one reason out of many, why GM should switch to EVs. The palladium situation is getting dire for all legacy ICE automakers since the majority of it comes from Russia.

GM is chasing Tesla with Q1 profits at $2.9 billion

The EV side of the GM business is looking promising, new supply agreements for magnets and alloy are in place and the first of four battery manufacturing plants will be up and running later this year. The partnership with LG Energy Solutions is responsible for the newest plant in Lordstown, Ohio – home of all the classic GMs we all love so much.


Buy Aussies 30 day news updates.
We use income earning auto affiliate links. More On Sponsored Links.


Related Posts


Lucid recalls 1,117 Air EVs for wiring issues

Lucid really can’t get a break, it seems. The company is still struggling to actually manufacture any significant number of Air EVs, and on top of that it’s now had…

Read more

2025 VW ID.1 is a €19,900 replacement for VW e-UP with more room, power and range

VW ID.1 has been rumored since 2020, it was meant to be on the market by 2023 but now we know it won’t happen until 2025. VW kept going back…

Read more

Electric Nissan Ariya to go from North Pole to South Pole

Do not try this at home! Chris Ramsey, who is behind the adventure and will be driving the Nissan Ariya, clearly does not pay attention to those warnings. Only a…

Read more

Polestar invests in StoreDot to secure access to fast charging battery technology

Polestar hasn’t stopped making waves since it became an independent company in 2017. Despite being owned by Volvo and Geely and sharing a lot of technology with the parent companies,…

Read more

Owners of new Ford F-150 Lightning cannot control it with the FordPass app

Those lucky few who managed to get hold of Ford F-150 Lightning have noticed one of its cooler features is missing. However hard they try they cannot get the car…

Read more

Mercedes is bringing new electric C-Class to compete with Tesla Model 3

Mercedes-Benz just announced it is about to change its strategy and focus on luxury more than ever before. Smaller segment cars such as the A and B class will have…

Read more