You might not know this, but there are car companies other than Tesla that have shareholders.
Elon Musk sucks all the oxygen on all things auto, but GM has quietly went out and had their best year ever.
The shareholder meeting CEO Mary Barra hosted was filled with much better news than a year ago, when GM got hammered by not only the pandemic, but by the closing of most of their plants and dealerships.
What was a bloodbath for GM shareholders in 2020 has turned into a record-setting year, the most profitable 12 months in the 112 year history of the Michigan car company.
In the past three quarters, GM posted adjusted EBITA of $13.4 billion, blowing out of the water their previous high of $122.5 billion in 2016.
What’s been working for GM? Incredible demand for new vehicles, which means they could jack up the prices a little and not have huge incentives for buyers.
Oh by the way, GM is also having success segueing into EV, and in April sold more electric cars than Tesla and Volkswagen.
In January GM announced they were hoping to sell only emission free vehicles by 2034, and hopes to have 30 different EV models by 2025.
GM’s market cap hit $93 billion Monday, the high point in the company’s history. Their stock price is up an incredible 329% since March of 2020 when they tanked, and up 68% from en end of 2019.