General Motors Co on Tuesday reported a higher-than-expected quarterly profit, l...
DETROIT - General Motors Co on Tuesday reported a higher-than-expected quarterly profit, lifted by revaluations of shares it holds in ride-hailing company Lyft Inc and France’s Peugeot SA.
“We remain concerned with the U.S. auto cycle, both from a pricing and volume perspective,” Buckingham Research analyst Joseph Amaturo wrote in a client note. “Moreover, specific to GM, we are concerned about recently monthly pick-up truck and market share stats.” “From an economic standpoint, there are green shoots,” she said. “But we have yet to see that translate to vehicle demand.”In the United States, the automaker had around four months supply of its Chevrolet Silverado pickup truck on the ground as of the beginning of April, a high level in an auto market that overall is expected to decline in 2019.
GM said it is “bullish” on pickup truck sales for the rest of 2019 as more versions of its new Silverado hit dealer showrooms and its heavy-duty trucks launch in the second half of the year.
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