GM reports record first-half earnings, ups full-year guidance
Detroit — General Motors Co. made $2.8 billion in net income on revenue of $34.2 billion in the second quarter this year amid roaring demand and a global semiconductor shortage that has cut deep into inventories.
The Detroit automaker reported record pre-tax profit of $4.1 billion in the second quarter and $8.5 billion in the first half — hitting its previously announced first half of the year guidance of between $8.5 billion and $9.5 billion in pre-tax profits. GM now expects full-year pre-tax profits to be between $11.5 billion to $13.5 billion, up from the $10 billion to $11 billion previously given.
"The credit for our strong first half goes to our employees and extended team, including suppliers and dealers, who have collectively demonstrated strength, agility and resilience," GM CEO Mary Barra said in a letter to shareholders Wednesday.
GM's net income margins in the second quarter were 8.3%. Pre-tax earnings totaled $4.1 billion, including warranty recall costs of $1.3 billion, of which $800 million were related to the Chevrolet Bolt EV recall.
Pre-tax earnings in GM North America totaled $2.9 billion. GM International's pre-tax earnings were $15 million.
On Tuesday, Stellantis reported adjusted operating income for the first half of the year in North America of $6.217 billion and globally the transatlantic automaker recorded $7.048 billion in profitability.
Ford Motor Co. last week reported $3.8 billion in net income for the first half of 2021.