2024-06-11 17:56:05 ET
General Motors Company (GM)
Deutsche Bank Global Auto Industry Conference
June 11, 2024, 11:30 AM ET
Company Participants
Paul Jacobson - EVP and CFO
Conference Call Participants
Emmanuel Rosner - Deutsche Bank
Jim Irwin - Moon Capital
Presentation
Emmanuel Rosner
All right. Good morning, everybody. Thank you so much for joining us for this keynote session with GM as part of Deutsche Bank's Global Automotive Conference. My name is Emmanuel Rosner and I'm the lead US Autos and Auto Technology Analyst here at Deutsche Bank. I'm incredibly pleased to be joined by Paul Jacobson, who is the EVP and CFO of the company to talk about how things are going for the industry and for GM this morning. GM obviously put out an exciting update this morning as well and we'll talk about it, but very much appreciate the support of the Deutsche Bank's timing. So thank you so much.
Paul Jacobson
Well, thanks for having us, Emmanuel. Really excited to be here.
Emmanuel Rosner
So maybe, just to set this stage, first a few initial questions around industry condition and near-term outlook. Can you provide us an update on operating conditions you've seen so far this year and, I guess, so far in Q2?
Paul Jacobson
Yeah. Actually, I wanted to, if you don't mind, make a couple of introductory comments before we jump in. I think some of that will be responsive to what you just asked. So first, just start with the underlying business. When you think about where we've been and how long we've been there, I think one of the measures we've been holding up is we want to maintain consistent performance. I'm pleased to say that May was a really, really strong month for us. So when you look at, whether you're talking about just vehicle volumes which I think it was our best month since December of 2020, EV penetration, really strong gains there. But overall, the business is continuing to show that resiliency. In fact, the roughly 1% discount to industry average incentives that we often talk about actually widened in the month of May, a little bit as a sign of our strong continued commercial performance. So, we actually now think -- as we look at Q2, we actually think Q2's earnings are going to be better than Q1 from that standpoint. So consensus is still trending a little bit lower than that, but we feel strong that Q2 is going to be better than Q1 going forward....
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General Motors Company (GM) Management presents at Deutsche Bank Global Auto Industry Conference (Transcript)