GM reported a $294 million profit for Q1, despite the coronavirus pandemic crippling production and sales.
On an adjusted basis, its pretax profit for the first quarter was $1.3 billion, down 45.9% from a year ago. GM reported a net profit of $2.2 billion in the first quarter of 2019. Its adjusted pretax earnings were $2.3 billion a year ago.
The coronavirus cut deeply into GM's performance during the quarter, costing the largest U.S. automaker $1.4 billion during the first three months of the year. Of the top U.S.-based automakers, GM has the biggest operations in China where the Covid-19 outbreak originated in late December and shuttered factories beginning in late January.The company burned through $903 million during the quarter, a number analysts and investors are closely tracking.
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