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GM reports big jump in profits from gasoline car sales| GuyWhoKnowsThings


General Motors on Tuesday reported a big jump in profit for the first three months of the year, based on the strength of its gasoline vehicle business, and raised its outlook for the rest of the year.

The company saw slow growth in electric vehicles, but strong sales of internal combustion vehicles, especially pickup trucks, helped lift its profits to $3 billion in the first quarter, a 24 percent increase from the same period last year. last year. GM also said it now expects to make between $10.1 billion and $11.5 billion in profits this year, up from a previous forecast of between $9.8 billion and $11.2 billion.

“We're maximizing the strength of our ICE business, we're growing our electric vehicle business and improving profitability,” GM Chief Financial Officer Paul Jacobson said on a conference call with reporters, using the abbreviation for internal combustion engine.

Jacobson said GM has resolved production difficulties in making battery packs and is ramping up production. He repeated an earlier forecast that GM's battery-powered cars and trucks would start turning a profit in the second half of this year.

GM made all its profits in North America and lost money elsewhere, including a $106 million loss in China; A year earlier, the company reported a profit of $83 million in that country.

GM sold 895,000 vehicles globally in the first quarter, an increase of 4 percent.

In the first three months of the year in the United States, GM sold 9,385 electric vehicles using its latest battery technology. That's up from 972 in the same period a year ago, but significantly less than GM had originally expected.

The company plans to add several new electric vehicles this year that use the new Ultium batteries. They include a GMC Sierra pickup truck that is supposed to have a maximum range of 440 miles, and a Chevrolet Equinox sport utility vehicle that GM says would have a starting price of $34,995 and a range of up to 319 miles.


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