General Motors beat earnings expectations and said it plans to stop producing the Chevrolet Bolt.
The largest U.S. automaker raised its full-year profit outlook for 2023 after seeing strong sales in the first quarter.
The solid results come amid strong demand for expensive cars, said GM CFO Paul Jacobson.
- GM reported $2.4B in net income in Q1, down 19% from a year prior.
- The shortfall is largely due to a buyout program that cost the automaker ~$900M.
- Going forward, the cost-cutting measures should help boost profits, GM said.
The Chevy Bolt, which was first introduced in 2016, uses an older battery technology than newer EV models.
- In 2021, GM recalled all ~142,000 Bolts that were on the road due to battery fire risks.
- GM will modify its Chevy Bolt production facility so that it can start manufacturing electric pickup trucks.
