On July 21, General Motors rose 3.31% in regular trading, trading at $78.505/share, with turnover of $263 million. The rally was driven by the company's Q2 earnings release, which exceeded expectations on all core metrics, prompting a second full-year guidance raise.

General Motors reported Q2 adjusted EPS of $3.57, beating the consensus estimate of $3.20 by 11.6%. Revenue came in at $48.03 billion, up 1.9% year-over-year, ahead of the $47.01 billion estimate. Adjusted EBIT surged 29.8% to $3.9 billion, with margins expanding from 6.4% to 8.2%. The company raised its full-year adjusted EBIT outlook to $14.0-$16.0 billion, above the Street consensus of $14.4 billion, and guided full-year adjusted EPS to $12-$14 versus the $12.97 estimate.

CEO Mary Barra noted that pickup and SUV demand defied expectations that higher gasoline prices would curb sales, stating the company is producing at full capacity. Despite a 7% decline in U.S. unit volumes, the mix shift toward higher-margin trucks drove profitability. GAAP net income fell 31% to $1.3 billion due to $10.9 billion in cumulative EV-related charges, though the CFO indicated these writedowns are largely complete.

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