DETROIT – General Motors' first-quarter net income fell 88%, but it still managed to make $247 million despite the arrival of the global coronavirus pandemic.
U.S. automakers suspended production in much of the world in late March. For GM, that clipped revenue for the quarter by 6%, to $32.7 billion, but that's not as bad as industry analysts had been expecting.
Shares jumped 8% shortly before the opening bell Wednesday. The company essentially has been without revenue since early March, meaning that the second quarter almost certainly will be worse.
However, GM plans to reopen most of its U.S. and Canadian factories starting May 18, and Chief Financial Officer Dhivya Suryadevara said there are signs that demand for cars and trucks exists