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General Motors Company (NYSE:GM) shares are trading lower after the company reported second-quarter financial results.
Also, the company announced that it delayed its 2024 Buick EV and pushed its EV pickup plant opening to 2026.
In essence, General Motors is functioning more as a profitable cash generator from traditional gasoline vehicles rather than the high-tech growth engine envisioned by Chief Executive Officer Mary Barra. Despite losses in China, strong U.S. market performance bolsters overall profitability, reported Bloomberg.
Meanwhile, GM Defense Canada, a subsidiary of GM Defense, has been awarded a C$35.8 million contract by the Canadian Armed Forces (CAF) for 90 light tactical vehicles (LTVs), with an option to procure up to an additional 18 LTVs.
“We see this contract award as the beginning of a long strategic partnership with the Canadian Armed Forces to provide enhanced tactical mobility for Soldiers today, and into the future,” said Steve duMont, president of GM Defense.
According to Benzinga Pro, GM stock has gained over 18% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:FTXR) and Invesco S&P 500 Pure Value ETF (NYSE:RPV).
Also Read: Tesla Analyst Asks ‘Do Earnings Matter?’ Ahead Of Q2 Report: Robotaxis, China, EV Guidance In Focus
GM Defense Canada will also provide training, technical manuals, and additional vehicle content sourced from Canadian companies.
Under the contract, GM Defense Canada will supply nine-passenger LTVs and a new utility variant, based on a proven U.S. Army design, to support NATO’s Enhanced Forward Presence Multinational Battlegroup in Latvia, enhancing mobility and safety in challenging landscapes.
GM Defense Canada’s light tactical vehicles, built on the Chevrolet Colorado ZR2 platform, utilize a significant proportion of Commercial-Off-The-Shelf (COTS) parts, including Chevrolet Performance components. Weighing under 5,000 pounds / 2,232 kilograms, these vehicles prioritize air transportability, maintenance accessibility via GM’s global supply chain, and robust safety features, meeting stringent CAF performance and safety standards.
“As we further expand into Canada and with other allied nations around the world, we will continue to leverage the vast resources of General Motors to ensure our global defense and government customers have the best capability to accomplish their mission,” duMont added.
Earlier today, General Motors reported a fiscal second-quarter 2024 sales growth of 7.2% year-on-year to $47.97 billion, beating the analyst consensus estimate of $45.30 billion.
The adjusted EPS of $3.06 beat the analyst consensus estimate of $2.72. In FY24, General Motors projects adjusted EPS of $9.50 – $10.50 (prior $9.00 – $10.00) versus consensus of $9.72.
Price Action: GM shares are trading lower by 6.86% to $46.16 at last check Tuesday.
Image via Shutterstock
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