The automaker raised its guidance for the second consecutive quarter and said it would cut an additional $1 billion in costs over the next two years.
DETROIT — General Motors' second-quarter net income jumped 52 per cent to $2.6 billion , even after an $792 million charge related to 2021's Chevrolet Bolt recall, with strong demand and disciplined pricing leading the company to raise full-year guidance for the second consecutive quarter.
GM now expects to generate adjusted EBIT of between $12 billion and $14 billion this year, up $1 billion from its most recent forecast in April. It raised its 2023 net income forecast to a range of $9.3 billion to $10.7 billion, up from a prior range of $8.4 billion to $9.9 billion. And it upped its automotive free cash flow forecast by $1.5 billion to a range of $7 billion to $9 billion.
In North America, GM posted adjusted EBIT of $3.2 billion, up 39 per cent over the same period a year ago. Its adjusted margins rose 0.6 of a percentage point to 8.6 per cent. "We have earned four consecutive quarters of higher retail market share in the U.S. versus a year ago with continued strong pricing and incentive discipline, we're leading in both commercial and total fleet deliveries calendar year to date, and we're growing profitably in international markets such as Brazil and Korea," she said.
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