General Motors surpassed economists' Q2 earnings forecasts with a reported $3.04 billion in adjusted earnings. Despite a 31.6% drop from last year's Q2, GM's earnings exceeded estimates by $150 million, propelled by a 111% increase in electric vehicle (EV) sales. Chevrolet achieved the No. 2 position in the U.S. EV market, following Tesla. This growth in EV sales has been influenced by the nearing expiration of consumer tax credits, prompting EV makers to aggressively clear inventory before the end of September 2023.
"General Motors beat economists' Q2 earnings estimates, in part due to a 111% surge in EV sales. Chevrolet took the No. 2 spot in the U.S. EV market in Q2, behind Elon Musk's Tesla."
"EV incentives were absolutely crazy in the months leading up to the EV tax credit deadline, which has helped inflate EV sales for the past couple months."
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