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34Comparison of the net profit in the third quarter of 2024: GM
$GM (+1,05 %), Tesla
$TSLA (+9,97 %) and Ford
$F (+0,87 %)
Comparison of net profit in the third quarter:
-General Motors3.07 billion USD (+0.26 % compared to the previous year)
-Tesla2.17 billion USD (+17 % compared to the previous year)
-Ford1.9 billion USD (-29.6 % compared to the previous year)
Photo: Teslamag
The market capitalization of Tesla
$TSLA (+9,97 %) has risen to 843.50 billion dollars an amount equal to the entire market capitalization of Ford, GM, Stellantis, Rivian and Lucid together.
This is more than a multiple of the total value of the three major US 🇺🇸 car manufacturerswhich breaks down as follows:
-Ford ($F (+0,87 %)): 43,3 billion. dollars
-General Motors ($GM (+1,05 %)): 57,5 billion dollars
-Stellantis ($STLAM (-3,56 %)): 39,14 billion dollars
The total market value of these three companies currently amounts to 139,9 billion dollars.
$GM (+1,05 %) | General Motors Q3'24 Earnings Highlights:
🔹 Adj EPS: $2.96 (Est. $2.40) 🟢; UP +29.8% YoY
🔹 Revenue: $48.76B (Est. $44.74B) 🟢; UP +10.5% YoY
FY24 Guidance:
🔹 Adj EPS: $10.00–$10.50 (SAW: $9.50–$10.50; Est. $9.97) 🟢
🔹 Adj EBIT: $14.0B–$15.0B (SAW: $13.0B–$15.0B) 🟢
🔹 Auto. OCF: $22.0B–$24.0B (SAW: $19.2B–$22.2B) 🟢
🔹 Adj Auto. FCF: $12.5B–$13.5B (SAW: $9.5B–$11.5B) 🟢
🔹 Net Income: $10.4B–$11.1B (SAW: $10.0B–$11.4B) 🟢
Segment Performance:
GM North America:
🔹 Adjusted EBIT: $3.98B; UP +12.9% YoY
🔹 EBIT Margin: 9.7%
GM International:
🔹 Adjusted EBIT: $42M; DOWN -88.2% YoY
China Operations:
🔹 Equity Loss: $(137)M (vs. $192M Income)
GM Financial:
🔹 EBT-Adjusted: $687M; DOWN -7.3% YoY
Operational Highlights:
🔹 Delivered 32,000 EVs; #2 in U.S. EV sales
🔹 Sold 15,000 Chevrolet Equinox EVs in first quarter
🔸 On track to meet 2024 EV production targets (~200,000 EVs)
🔸 Expect $2B–$4B EV profitability tailwind in 2025
China Market:
🔸 Sales improved sequentially, but challenges persist
🔸 Dealer inventories reduced sharply, improving sell-through
CEO Commentary:
🔸 "We remain on track for 2024 EV targets. Despite improvements, China remains challenging."
Additional Info:
🔹 Capital Spending: $10.5B–$11.5B for 2024
🔹 Targeting <1 billion shares outstanding by early 2025 through share buybacks
General Motors
$GM (+1,05 %) plans to expand the functions of "Super Cruise" to level 3 to level 3.
This would allow drivers to take their eyes off the road. - Tech Crunch
The Robotaxi-company Cruise from General Motors
$GM (+1,05 %) will be monitored more closely in the future and will pay a fine to settle allegations by the US-regulatory authorities 🇺🇸 .
They accuse the company of failing to properly report an accident last fall in which one of its vehicles struck and dragged a pedestrian - Bloomberg.
As every Sunday, the most important news from the past week, as well as the dates for the coming week.
Also as a video:
https://youtube.com/shorts/VguA1e0JIig?si=OBfgag88jXTJk-XL
Monday:
45 projects in China 🇨🇳 that sold CO2 certificates are suspected of fraud. All projects are to be reversed.
$INTC (+0,53 %) Intel stops the construction of the factory in Magdeburg for the time being. This not only shows how wrong a subsidy policy is in which the state simply gives away tax money to individual companies. It also shows that the framework conditions for investments are generally poor. Intel is not even building a plant, even though they would receive 10 billion euros for it.
Tuesday:
The ZEW economic expectations have deteriorated more than expected. "The ZEW survey speaks for a crash, crisis and powerlessness. Above all, the miserable assessment of the situation points to another lost quarter on the growth side," said Alexander Krüger, Chief Economist at Hauck Aufhäuser Lampe Privatbank
Wednesday:
We read a lot about China 🇨🇳 and how widespread electric cars are there. North America 🇺🇸🇨🇦 is less in the spotlight. There is hardly any demand for electric cars there and, above all, demand is already stagnating. The plans of $F (+0,87 %) Ford and $GM (+1,05 %) äGM to go all-electric have long since been canceled. Even in China, consumers are not always free to make the decision to switch to an electric car. In certain cities, for example, it is simply not possible to register a new combustion engine. Manufacturers such as Mercedes have also long since realized that although electric cars are desired by the state, consumer demand is not so great. Once again, the planned economy is not working. This makes other instruments such as a global CO2 price all the more important.
Germans distrust the financial sector. Out of 28 industries surveyed, the sector came in 24th place, which is no great surprise to us. There are few sectors where conflicts of interest can have such a blatantly negative impact on future life. Many Germans have had bad experiences with financial service providers. That is why it is so important to strengthen consumer education and, above all, financial knowledge. That way, if in doubt, you can do it yourself and distinguish between bad and good advice.
The Fed cuts the key interest rate by 50 basis points!
This means that the key interest rate in the USA 🇺🇸 is now in the range between 4.75 % and 5.0 %.
Thursday:
In August, 18.3% fewer cars were registered in Europe than in the previous year. The main reason for this is a slump in sales of electric cars. Demand for electric cars fell by 44%. This slump was particularly severe in Germany, where sales fell by 70%.
The BoE is taking a break from cutting interest rates for the time being and is leaving the prime rate at 5.0%. Inflation has not yet fallen sustainably enough.
After $BMW (-3,91 %) BMW, Mercedes also cuts $MERC (-2,38 %) Mercedes is also cutting its profit targets. Instead of 11 %, the return is to be 7.5 - 8.5 %. This means that Mercedes is also clearly missing its own strategy. A luxury provider with a single-digit margin is rather rare. The main reason for this is probably the development in China 🇨🇳, as well as lower sales of the S-Class.
Friday:
Big insider buy by Daniel Grieder at $BOSS (-3,01 %) HUGO BOSS. The CEO buys shares for just under 400,000 euros. The company recently attracted attention with its cooperation with VFB Stuttgart.
While the other central banks are cutting interest rates, the Bank of Japan 🇯🇵 is raising its key interest rates. Today, however, it is pausing the increases for the time being, but is holding out the prospect of further interest rate hikes.
$QCOM (-0,3 %) Qualcomm probably wants to $INTC (+0,53 %) take over Intel. If the takeover goes ahead, it would be the largest ever in the technology sector. Intel is still valued at 90 billion euros.
Most important dates in the coming week:
Tuesday: 10:00 ifo Business Climate Index (DE)
Thursday: 15:20 Fed-Powell speech (USA)
Friday: 11:00 EU economic data (EU)
What other important dates can you think of?
Hyundai $HYUD (-0,78 %)
and General Motors $GM (+1,05 %)
plan alliance
Hyundai and General Motors have signed a letter of intent to explore a cooperation.
Together, the Korean and US car manufacturers intend to explore cooperation in key strategic areas in order to reduce costs and accelerate the development of new vehicles. The cooperation is to extend to "the joint development and production of passenger and commercial vehicles, combustion engines and clean energy, electric and hydrogen technologies". The joint procurement of raw materials is also to be part of the partnership. The framework agreement was signed by Euisun Chung, Chairman of the Board of the Hyundai Motor Group, and GM CEO Mary Barra
In the second quarter 2024 were 47 % of the USA 🇺🇸 electric vehicles sold by Ford
$F (+0,87 %) in Mexico 🇲🇽 and then imported.
At General Motors
$GM (+1,05 %) this share was 35 %.
In contrast, every Tesla
$TSLA (+9,97 %)-vehicles sold in the USA produced in the USA.
Uber
$UBER (-1,3 %) and Cruisea subsidiary of General Motors
$GM (+1,05 %) have signed a partnership entered into a partnership to 2025
autonomous introduce autonomous cabs.
Cruise will launch its robot taxis on Uber's
platform after the service was resumed following a temporary suspension.
Uber sees this as a strategic advantage, as the company without own investment high demand without having to make its own investments.
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