Edmunds predicts GM to report profit of $1.72 per share in 1Q

Edmunds.com, an automotive information website, said on Sunday that it expects General Motors to make a profit of $1.72 per share in the first quarter. “They’re going to report another quarter of strong earnings…

Edmunds.com, an automotive information website, said on Sunday that it expects General Motors to make a profit of $1.72 per share in the first quarter.

“They’re going to report another quarter of strong earnings growth,” Edmunds.com senior analyst Jessica Caldwell said in a statement.

In 2017, General Motors reported a profit of $5.2 billion, but the automaker is planning a significant increase in investment in its electric-vehicle program. The company wants to increase the number of hybrid and electric models in its lineup in order to achieve a 50-50 mix of internal combustion and electric drive models by 2026.

GM has made a commitment to developing 25 new battery electric vehicles and 15 all-electric vehicles over the next decade, and to boosting total sales of autonomous vehicles to 1 million by 2021, the company’s goal for commercial autonomous cars in GM’s fleet by the end of this year. GM also plans to launch new versions of its Chevrolet Bolt EV in Europe and in China.

This is not the first time that Edmunds.com has made predictions of GM’s performance this year. In January, the automotive industry website predicted that General Motors would report profits of $4.35 per share in the first quarter. The official earnings report for the company will be released on April 13.

“Sales of the Chevy Bolt EV, which reached more than 30,000 in January, continue to show growth, and we expect GM to report another quarter of strong earnings growth,” Caldwell said in a statement in January.

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