GM posts higher profit and reaffirms outlook, but margin slips
General Motors Co on Tuesday reported a higher quarterly profit, and reaffirmed its full-year outlook.
The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. Revenue jumped to $41.9 billion, from $26.8 billion a year ago.
GM’s net margin slipped to 7.9%, from 9.0% a year earlier.
Chief Executive Mary Barra, in a letter to shareholders, cited improved supply chain conditions and said the company is “actively managing the headwinds we face.”
The automaker said higher volume in the quarter drove a $5 billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs.
GM said it has received 170,000 reservations for the new Chevrolet Silverado EV pickup, which arrives at U.S. dealer’s next spring. The company said it captured 8% of the U.S. electric vehicle market in the quarter, on record sales of the Chevrolet Bolt and Bolt EUV.
GENERAL MOTORS Technical Analysis: Daily Chart
In the daily charts, GENERAL MOTORS is trading in an up channel. GENERAL MOTORS is currently trading above all SMA.
RSI is in buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.
Its immediate support is 36.93 & the resistance level is at 37.88.
GENERAL MOTORS will trade in an up channel until there is trend reversal.
How to Trade GENERAL MOTORS this Week:
GENERAL MOTORS will follow the up channel until there is trend reversal. So, remain bullish on GENERAL MOTORS