General Motors shares fall; says will delay opening of EV truck plant
Updates share price, details from conference call
** Shares of General Motors GM.N down more than 7% at $45.91 Tues and on track for their biggest daily pct decline since June 2022 after the carmakerreleased quarterly results and said it will delay the opening of an EV truck plant
** The stock had been trading higher before the bell
** CEO Mary Barra told investors that GM would delay the opening of its Orion Assembly EV truck plant by six months, until mid-2026
** GM last week declined to reiterate a target of achieving 1 million units of EV production capacity in North America by the end of 2025
** GM is also facing increasing investor scrutiny on its operations in China and recorded a qrtrly loss in China
** Co's Q2 results beat Wall Street estimates and it lifted FY24 adj. pre-tax profit to $13-$15 bln from $12.5-$14.5 bln previously
** Sees FY24 adj. EPS in the range of $9.50-$10.50, up from $9-$10 earlier
** Mid-point of new forecast above analysts' estimates of $9.71 - LSEG data
** Average rating of 20 brokerages is a 'buy'; median PT is $52 - LSEG data
** Including session move, GM up 27.8% YTD vs a roughly17% gain in the benchmark S&P 500 .SPX
Reporting by Purvi Agarwal in Bengaluru and Caroline Valetkevitch in New York
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