In an industry that seems to be accepting chaos as the new normal, GM, Ford
, and Stellantis are ahead of the pack. All three of these companies are reporting financial profits
in Q2, despite what can only be defined as a rough year for many carmakers. So what are these three doing to beat the slump? One thing is for sure: Overpaying on your car insurance
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Cox Automotive
offers details on GM’s recent performance. GM, while reporting profits in Q2, is still expected to report a year-over-year decline in earnings. Q2 was challenging for GM, as they, like nearly all other carmakers, had to continue to ride out the current supply chain issues. But GM is doing something clever. They reported at the end of June that they’d manufactured 95,000 vehicles without computer chips, and set them aside to wait for computer chips—hopefully receiving them by the end of Q4.
GM finally pushed ahead of Toyota, who, while outselling GM in 2021, has faltered thanks to supply chain woes, vehicle recalls, and pending vehicle redesigns. This has been GM’s saving grace, as market performance in the U.S is where the company derives most of its profits.GM reported $1.7 billion in net earnings for Q2 of 2022.
Ford’s Q2 win
While falling short of GM’s Q2 earnings, Ford did report $667 million in net income in the second quarter, as the Detroit Free Press
notes. This actually up 19% from the $561 million it posted a year ago. Ford seems to be on its way to clear waters, and Ford’s Q2 success is due in part to price cuts and their stock prices remaining high, and the trust of market analysts, particularly CFRA analyst Garrett Nelson, who is quoted as stating "Ford remains one of our top picks in the auto industry."
MORE: Ford Just Lost Over $3 Billion Because of Another Car Company
Stellantis also had impressive performance
Compared to GM and Ford, Stellantis is leading the way
by far, with the massive company posting a whopping $8 billion in net profits, as Detroit Free Press
reports. CEO Carlos Tavares is quoted as stating that “We [Stellantis] could take a hit of a net revenue drop by 60%, and we would still be in the black, which is a fantastic achievement from the company.” Though Stellantis leads GM and Ford by a long shot, Stellantis also owns the Jeep, Ram, Chrysler, Dodge, Fiat, Alfa Romeo, and Maserati brands, which certainly helps boost their sales. Stellantis also seems to owe part of its Q2 success to its global battery electric vehicle sales, which were up 50% to 136,000 units.
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