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June 3, 2021, 9:20 a.m. EDT

GM stock jumps after call for first-half results to be 'significantly better' than expected

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By Tomi Kilgore

Shares of General Motors Co. /zigman2/quotes/205226835/composite GM -8.91% jumped 3.2% in premarket trading Thursday, after the automaker said it expects first-half 2021 financial results to be "significantly better" than previous guidance, given its "success" in dealing with the semiconductor shortage. GM also said it is taking steps to boost deliveries to dealers and customers in the U.S. and Canada "to meet strong customer demand" for its Chevrolet, Buick, GMC and Cadillac model vehicles. Production of the Chevrolet Silverado HD and GMC Sierra HD pickups will increase by about 1,000 trucks per month, starting in mid-July, while shipments of Chevrolet Colorado and GMC Canyon pickups will increase by about 30,000 vehicles from mid-May through the week of July 5. "The global semiconductor shortage remains complex and very fluid, but the speed, agility and commitment of our team, including our dealers, has helped us find creative ways to satisfy customers," said Phil Kienle, vice president, North America Manufacturing and Labor Relations. "Customer demand continues to be very strong, and GM's engineering, supply chain and manufacturing teams have done a remarkable job maximizing production of high-demand and capacity-constrained vehicles." The stock has run up 43.3% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.46% has gained 12.0%.

/zigman2/quotes/205226835/composite
US : U.S.: NYSE
$ 52.72
-5.16 -8.91%
Volume: 67.67M
Aug. 4, 2021 4:00p
P/E Ratio
8.53
Dividend Yield
0.00%
Market Cap
$83.96 billion
Rev. per Employee
$790,226
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/zigman2/quotes/210599714/realtime
US : S&P US
4,402.66
-20.49 -0.46%
Volume: 2.32B
Aug. 4, 2021 4:55p
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