General Motors Company (NYSE:GM) Q2 2024 Earnings Conference Call July 23, 2024 8:30 AM ET

Company Participants

Ashish Kohli - Vice President, Investor Relations
Mary Barra - Chair and Chief Executive Officer
Paul Jacobson - Executive Vice President and Chief Financial Officer
Dan Berce - President and Chief Executive Officer, GM Financial

Conference Call Participants

Dan Levy - Barclays
Itay Michaeli - Citi
Joseph Spak - UBS
Daniel Roeska - Bernstein Research
Ryan Brinkman - JPMorgan
Dan Ives - Wedbush
John Murphy - Bank of America
Chris McNally - Evercore
Mark Delaney - Goldman Sachs
Tom Narayan - RBC
James Picariello - BNP Paribas

Operator

Good morning, and welcome to the General Motors Company Second Quarter 2024 Earnings Conference Call. During the opening remarks, all participants will be in a listen-only mode. After the opening remarks, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded Tuesday, July 23, 2024.

I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations.

Ashish Kohli

Thanks, Amanda, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the second quarter of 2024. Our conference call materials were issued this morning and are available on GM's investor relations website. We are also broadcasting this call via webcast.

Joining us today are Mary Barra, GM's Chair and CEO; and Paul Jacobson, GM's Executive Vice President and CFO. Dan Berce, President and CEO of GM Financial, will also be joining us for the Q&A portion of the call.

On today's call, management will make forward-looking statements about our expectations. These statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks and uncertainties include the factors identified in our filings with the SEC. Please review the Safe Harbor Statement on the first page of our presentation as the content of our call will be governed by this language.

And with that, I'm delighted to turn the call over to Mary.

Mary Barra

Thanks, Ashish, and good morning, everyone. I want to begin today's call by thanking the GM team, as well as our dealers, suppliers, and other business partners, for helping us deliver strong second quarter and first-half results, including record revenue in both periods.

There are four key drivers to our performance and our new hire guidance that I'd like to highlight. First, our past investments have created a consistently high-performing portfolio of ICE trucks and SUVs from a volume, share, and margin standpoint. Next, our EV portfolio is scaling well and gaining market share. In fact, our U.S. EV deliveries grew 40% year-over-year in the second quarter, while the industry grew at 11%. We're encouraged by these early results because disciplined volume growth is key to earning positive variable profits from our EV portfolio in the fourth quarter and maintaining strong ICE margins.