General Motors’ first-quarter earnings report and accompanying analyst call Tuesday highlighted the company’s grand ambitions for electric vehicles and autonomous vehicles — and the money it is willing to put behind them.
The initial financial takeaway in the first-quarter report was a profits-despite-supply constraints message. However, the call offered up other interesting comments, as well as a substantive change to its compensation-based plan and a spending forecast for Cruise — all of which are focused on ensuring GM’s success in EVs and AVs.
First the financial bits. GM reported that net income fell to $2.9 billion in the first quarter from $3.02 billion the same period a year ago. Revenue rose 11%, to $35.9 billion, but missed analyst expectations.
Like automakers worldwide, GM fa …
