GM and Ford wrung $6 billion of operating profit by increasing prices overall this quarter. It’s an indicator that, even after a banner year for EVs, the U.S. may be slow to give up trucks, says JMAGuilford.
It’s indicative of a central truth of the U.S. auto market. Sure, EVs are taking more share. But in the United States, that share isof what it is in Europe and about a quarter of the share in China. The home of gas-guzzling SUVs will be ruled by fossil fuels for a while.
Model Y and Model 3 sales in the United States in 2022 alone. Electric may be the future, but the present is sticking around for a while.General Motors reported revenue of $43.1 billion for the fourth quarter of 2022 on Jan. 31, nearly 4% above analysts’ expectations, according to data from Refinitiv. Adjusted operating profit for the full year came in at $14.5 billion, a record.
Detroit-based peer Ford Motor reported revenue of $44 billion for its fourth quarter on Feb. 2, 9% higher than analyst estimates. However, it recorded $10.4 billion of adjusted operating profit for the full year, below guidance of $11.5 billion.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Breakingviews - Breakingviews: Bottling U.S. inflation could cost workers dearlyThe Federal Reserve is being relentless in its quest to bring inflation down to 2%, from its latest reading of 5%. This comes at a human cost. Between here and there, nearly 1 million more Americans could go jobless, based on the Fed’s own estimates. Given the vagaries of inflation psychology, it’s not clear the Fed is justified in being so single-minded.
Read more »
Breakingviews - Breakingviews: Adani’s share sale U-turn spares only some blushesMarkets have given Gautam Adani a big bloody nose, and his backers a partial reprieve. The tycoon’s decision on Wednesday to pull the $2.4 billion share sale at his flagship Adani Enterprises was all but forced after a 28% plunge in the company’s share price the day after it closed the books. Cancelling the deal is marginally better than stuffing above-market-price stock down investors’ throats. The U-turn is nonetheless a key sign the support for the Indian industrialist has a limit.
Read more »
Harrison Ford Exasperates Interviewer With His Captain America 4 AnswersHarrison Ford expertly handles and deflects questions about his role as Thunderbolt Ross in the upcoming MCU movie Captain America: New World Order - exasperating late night show host Stephen Colbert in the process in a new video clip
Read more »
Captain America: New World Order's Harrison Ford Hilariously Reveals What He Knows About the MovieActor Harrison Ford has a reputation for being endearingly prickly during interviews, especially [...]
Read more »
Harrison Ford Jokingly Says He Knows Nothing About His Role In 'Captain America: New World Order'Harrison Ford joins the MCU in CaptainAmericaNewWorldOrder as Thaddeus 'Thunderbolt' Ross but he claims doesn’t know anything about his character.
Read more »
Watch Harrison Ford discuss his Captain America 4 role as Thunderbolt RossHarrison Ford hilariously dodged questions about Captain America: No Way Home's Thunderbolt Ross in an interview with Stephen Colbert.
Read more »