GM totally misses their already weak forward guidance for EV production. Stock up.
GM Dials Back EV Sales Target, Following Upbeat Earnings Report
The auto maker posted a 37% rise in third-quarter profit while warning that battery-production challenges could slow its electric-vehicle rollout.www.wsj.com
They have s$%t the bed again on their BEV targets.
I’m about 2 miles from the factory. We didn’t feel it here at all. It was centered in south San Jose. About 30 miles south of us.5.1 earthquake just happened here in Bay Area. Whatever 3/Y are on the production lines right now might end up with nice panel gaps
GM Dials Back EV Sales Target, Following Upbeat Earnings Report
The auto maker posted a 37% rise in third-quarter profit while warning that battery-production challenges could slow its electric-vehicle rollout.
They have s$%t the bed again on their BEV targets.
"GM Chief Executive Mary Barra said Tuesday that a slower-than-expected start to battery-cell operations at a new factory in Ohio will delay some EV sales. GM had expected to sell 400,000 EVs from early 2022 through the end of next year but has pushed out the time frame until mid-2024.
Ms. Barra told Wall Street analysts that it has taken longer than expected to hire and train workers and establish operations with the factory’s joint-venture partner, Korea’s LG Energy Solution. She said GM’s longer-range goal of selling 1 million EVs in North America in 2025 is intact."
They are now planning 400K total in North America through the middle of 2024. And yet they expect to ramp to 1 million units in 2025. Color me skeptical.
"Forward looking" WS should be absolutely HAMMERING GM over this ER.
Instead, WS rewards the SP today with profit margins padded by delayed deliveries from Q2 and sales of overpriced gas guzzling trucks.
As 'Make Mine Nikola' Mary says: "“This is just a slight shift in the acceleration,” she said."
My bet is GM does not hit any of those targets. And I based this on 'past results' being 100% indicative of 'future performance', thank you very much.
Fair odds they hit neither.
www.linkedin.com
If you remember one of his devious interviews he says he absolutely hates hates hates being alone. It’s why he’s rebounded so quickly in relationships. I think I remember him saying he specifically hates sleeping alone.
My region just ran advertisements last night for 0% interest on GMC vehicles. You dont buy down rates unless your inventory is stacking up. They know their customers are tapped out and so they can either discount interest, or the vehicles. They chose interest so it keeps the book value of vehicles higher.I looked over their slide deck and something jumped out at me. Their deliveries are down BUT their sales revenue is up? Then I noticed the dealer inventory gaining 110,000 vehicles and it made sense.
In other words, GM shifted production to the dealers and counted them as "sold" but all those cars are sitting on dealer lots waiting to sell to actual consumers.
Not quite as impressive a quarter for GM when you dig into the meat of the numbers. That coupled with the delayed forecast on EV's and it really gets foreboding.
Tesla's Q3 report is super positive by comparison.
Looks like it's a bit below Fremont, but who knows about the aftershocks...5.1 earthquake just happened here in Bay Area. Whatever 3/Y are on the production lines right now might end up with nice panel gaps
@BornToFly was just kidding if you did not already figure that out.
My hope is non radar FSD (TACC/NOA) isn’t shut down when ice/snow accumulates on the front bumper (as has happened for the past four winters).
Dealer lots in my area have more new vehicles than I've seen in a long time. This should mean downward movement in sales prices.I looked over their slide deck and something jumped out at me. Their deliveries are down BUT their sales revenue is up? Then I noticed the dealer inventory gaining 110,000 vehicles and it made sense.
In other words, GM shifted production to the dealers and counted them as "sold" but all those cars are sitting on dealer lots waiting to sell to actual consumers.
Not quite as impressive a quarter for GM when you dig into the meat of the numbers. That coupled with the delayed forecast on EV's and it really gets foreboding.
Tesla's Q3 report is super positive by comparison.
