Electric Pickups And SUVs Continue To Power Up GM And Ford's EV Progress
Portfolio Pulse from Upwallstreet
Ford and GM reported strong quarterly sales, driven by increased EV and pickup truck sales. Ford's EV sales grew to 4.4% of its total volume, while GM's EV sales increased by 40% YoY. However, GM faces a $145.8 million penalty for CO2 emissions violations. Worksport is set to release a solar-powered tonneau cover and portable battery system for EVs this summer.
July 05, 2024 | 3:02 pm
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NEUTRAL IMPACT
GM reported its best quarterly sales in over three years, with a 40% YoY increase in EV sales. However, it faces a $145.8 million penalty for CO2 emissions violations.
While GM's strong sales performance is positive, the significant penalty for CO2 emissions violations may offset some of the gains in investor sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ford reported a slight 0.8% YoY growth in Q2 sales, with EVs now making up 4.4% of total sales. June saw a 6% YoY contraction in overall sales, but EV sales grew by 18%.
Ford's growth in EV sales and overall positive quarterly performance are likely to boost investor confidence, despite the slight contraction in June sales.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Worksport is set to release a solar-powered tonneau cover and portable battery system for EVs this summer, targeting major brands including GM and Ford.
The innovative product release by Worksport could attract investor interest, especially given its application for major brands like GM and Ford.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80