Current:Home > reviewsCharges tied to China weigh on GM in Q4, but profit and revenue top expectations -WealthTrail Solutions
Charges tied to China weigh on GM in Q4, but profit and revenue top expectations
View
Date:2025-04-14 10:37:50
General Motors swung to a loss in the fourth quarter on huge charges related to China, but still topped profit and revenue expectations on Wall Street.
Last month GM cautionedthat the poor performance of its Chinese joint ventures would force it to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter.
China has become an increasingly difficult market for foreign automakers, with BYDand other domestic companies raising the quality of their vehicles and reducing costs. The country has subsidized its automakers.
For the three months ended Dec. 31, GM lost $2.96 billion, or $1.64 per share. A year earlier the company earned $2.1 billion, or $1.59 per share.
Stripping out the charges and other items, GM earned $1.92 per share in the quarter. That topped the $1.85 per share that analysts surveyed by FactSet predicted.
Revenue climbed to $47.7 billion from $42.98 billion, beating Wall Street’s estimate of $44.98 billion.
In a letter to shareholders, CEO Mary Barra said that GM doubled its electric vehicle market share over the course of 2024 as it scaled production. She noted that China had positive equity income in the fourth quarter before restructuring costs and that GM is taking steps with its partner to improve from there.
Barra acknowledged that there’s uncertainty over trade, tax, and environmental regulations in the United States and said that GM has been proactive with Congress and the administration of President Donald Trump.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
veryGood! (43817)
Related
- 3 years after the NFL added a 17th game, the push for an 18th gets stronger
- Olivia Jade and Jacob Elordi Show Rare PDA While Celebrating Sister Bella Giannulli’s Birthday
- Ex-officer testifies he beat a ‘helpless’ Tyre Nichols then lied about it
- Former Eagles player Jason Kelce brings star power to ESPN's MNF coverage
- Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
- Fed rate decision will be big economic news this week. How much traders bet they'll cut
- Olivia Jade and Jacob Elordi Show Rare PDA While Celebrating Sister Bella Giannulli’s Birthday
- Delaware judge sets parameters for trial in Smartmatic defamation lawsuit against Newsmax
- $73.5M beach replenishment project starts in January at Jersey Shore
- T-Mobile sends emergency alert using Starlink satellites instead of relying on cell towers
Ranking
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Ellen Star Sophia Grace Reveals Sex of Baby No. 2
- Sean Diddy Combs Charged With Sex Trafficking and Racketeering Hours After New York Arrest
- A teen inmate is bound over for trial in a Wisconsin youth prison counselor’s death
- A Georgia governor’s latest work after politics: a children’s book on his cats ‘Veto’ and ‘Bill’
- Former office manager of Dartmouth College student paper gets 15-month sentence for stealing $223K
- Maná removes song with Nicky Jam in protest of his support for Trump
- Their relatives died after a Baltimore bridge collapsed. Here's who they blame
Recommendation
Jorge Ramos reveals his final day with 'Noticiero Univision': 'It's been quite a ride'
If WNBA playoffs started now, who would Caitlin Clark and Fever face?
These Zodiac Signs Will Be Affected the Most During the “Trifecta” Super Eclipse on September 17
Sean ‘Diddy’ Combs’ faces federal charges in New York, his lawyer says
Kourtney Kardashian Cradles 9-Month-Old Son Rocky in New Photo
Monday Night Football: Highlights, score, stats from Falcons' win vs. Eagles
Video shows massive blaze after pipeline explosion near Houston prompts evacuations
'Unimaginably painful': Ballerina Michaela DePrince, who died 1 day before mom, remembered