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GM raises 2024 financial guidance on Q1 revenue

Credit: GM

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General Motors (GM) has detailed its first-quarter financial results for the year, citing its gas vehicles and continued growth of electric vehicle (EV) business and software-based platform development.

GM reported its Q1 2024 results on Tuesday, raising its overall guidance on full-year vehicle deliveries, and reporting a revenue increase of 8 percent year-over-year to $43 billion. The automaker also said it achieved consistent revenue growth over the last two years, resulting in a CAGR of over 15 percent.

“Globally, our team is leaning into every opportunity with a focus on profitability to build on our strong start to 2024,” wrote CEO Mary Barra in her letter to shareholders. “That’s why we’re raising our full-year earnings, earnings per share and free cash flow guidance.”

“We have ICE launches around the world that will build on our strengths in pickups and SUVs, including the Chevrolet Spin and S10 in South America, the Chevrolet Equinox and Buick GL8 plug-in hybrids in China, and the Chevrolet Traverse, Equinox, Tahoe and Suburban in North America, as well as the Buick Enclave and GMC Acadia.”

GM’s updated 2024 financial guidance

Credit: GM

The automaker said the updated financial guidance includes anticipated capital spending ranging from $10.5 billion to $11.5 billion, including investments in the company’s battery cell manufacturing joint ventures.

GM also highlighted its work to relaunch Cruise, after an accident involving one of its robotaxis in October left a pedestrian severely injured. The automaker has been highlighting greater transparency and a culture of public safety in its attempts to re-launch the service, as it awaits a response from the California Public Utilities Commission (CPUC) on a recent hearing.

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Overall, the report highlighted the company’s focus on ICE vehicles, as much of the EV industry struggles.

“There … is the reality that the pricing is staying stronger for longer than anybody anticipated,” said ACR Alpine Capital Research Manager Tim Piechowski (via Reuters).

“The engine of the company is truck and SUV at this point,” he added. “They’re just generating substantial profit and free cash flow that will continue to fund the initiatives in EV. Full steam ahead.”

You can see GM’s Q1 2024 financial results here, along with Barra’s letter to shareholders here. Additionally, you can see GM’s full earnings deck for the financial report here.

GM to factor in EVs, software and Cruise in worker bonus talks

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What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send your tips to us at tips@teslarati.com.

Zach is a renewable energy reporter who has been covering electric vehicles since 2020. He grew up in Fremont, California, and he currently lives in Colorado. His work has appeared in the Chicago Tribune, KRON4 San Francisco, FOX31 Denver, InsideEVs, CleanTechnica, and many other publications. When he isn't covering Tesla or other EV companies, you can find him writing and performing music, drinking a good cup of coffee, or hanging out with his cats, Banks and Freddie. Reach out at zach@teslarati.com, find him on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

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Tesla posts Optimus’ most impressive video demonstration yet

The humanoid robot was able to complete all the tasks through a single neural network.

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Credit: Tesla Optimus/X

When Elon Musk spoke with CNBC’s David Faber in an interview at Giga Texas, he reiterated the idea that Optimus will be one of Tesla’s biggest products. Seemingly to highlight the CEO’s point, the official Tesla Optimus account on social media platform X shared what could very well be the most impressive demonstration of the humanoid robot’s capabilities to date.

Optimus’ Newest Demonstration

In its recent video demonstration, the Tesla Optimus team featured the humanoid robot performing a variety of tasks. These include household chores such as throwing the trash, using a broom and a vacuum cleaner, tearing a paper towel, stirring a pot of food, opening a cabinet, and closing a curtain, among others. The video also featured Optimus picking up a Model X fore link and placing it on a dolly.

What was most notable in the Tesla Optimus team’s demonstration was the fact that the humanoid robot was able to complete all the tasks through a single neural network. The robot’s actions were also learned directly from Optimus being fed data from first-person videos of humans performing similar tasks. This system should pave the way for Optimus to learn and refine new skills quickly and reliably.

Tesla VP for Optimus Shares Insight

In a follow-up post on X, Tesla Vice President of Optimus (Tesla Bot) Milan Kovac stated that one of the team’s goals is to have Optimus learn straight from internet videos of humans performing tasks, including footage captured in third person or by random cameras.

“We recently had a significant breakthrough along that journey, and can now transfer a big chunk of the learning directly from human videos to the bots (1st person views for now). This allows us to bootstrap new tasks much faster compared to teleoperated bot data alone (heavier operationally).

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“Many new skills are emerging through this process, are called for via natural language (voice/text), and are run by a single neural network on the bot (multi-tasking). Next: expand to 3rd person video transfer (aka random internet), and push reliability via self-play (RL) in the real-, and/or synthetic- (sim / world models) world,” Kovac wrote in his post on X.

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Starship Flight 9 nears as SpaceX’s Starbase becomes a Texan City

SpaceX’s launch site is officially incorporated as Starbase, TX. Starship Flight 9 could launch on May 27, 2025. 

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(Credit: Jenny Hautmann/Wikimedia Commons)

SpaceX’s Starbase is officially incorporated as a city in Texas, aligning with preparations for Starship Flight 9. The newly formed city in Cameron County serves as the heart of SpaceX’s Starship program.

Starbase City spans 1.5 square miles, encompassing SpaceX’s launch facility and company-owned land. A near-unanimous vote by residents, who were mostly SpaceX employees, led to its incorporation. SpaceX’s Vice President of Test and Launch, Bobby Peden, was elected mayor of Starbase. The new Texas city also has two SpaceX employees as commissioners. All Starbase officials will serve two-year terms unless extended to four by voters.

As the new city takes shape, SpaceX is preparing for the Starship Flight 9 launch, which is tentatively scheduled for May 27, 2025, at 6:30 PM CDT from Starbase, Texas.

SpaceX secured Federal Aviation Administration (FAA) approval for up to 25 annual Starship and Super Heavy launches from the site. However, the FAA emphasized that “there are other licensing requirements still to be completed,” including policy, safety, and environmental reviews.

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On May 15, the FAA noted SpaceX updated its launch license for Flight 9, but added: “SpaceX may not launch until the FAA either closes the Starship Flight 8 mishap investigation or makes a return to flight determination. The FAA is reviewing the mishap report SpaceX submitted on May 14.”

Proposed Texas legislation could empower Starbase officials to close local highways and restrict Boca Chica Beach access during launches. Cameron County Judge Eddie Trevino, Jr., opposes the Texas legislation, insisting beach access remain under county control. This tension highlights the balance between SpaceX’s ambitions and local interests.

Starbase’s incorporation strengthens SpaceX’s operational base as it gears up for Starship Flight 9, a critical step in its mission to revolutionize space travel. With growing infrastructure and regulatory hurdles in focus, Starbase is poised to become a cornerstone of SpaceX’s vision, blending community development with cutting-edge aerospace innovation.

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The Boring Company accelerates Vegas Loop expansion plans

The Boring Company clears fire safety delays, paving the way to accelerating its Vegas Loop expansion plans.

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Credit: The Boring Company/X

After overcoming fire safety hurdles, the Boring Company is accelerating its Vegas Loop expansion. The project’s progress signals a transformative boost for Sin City’s transportation and tourism.

Elon Musk’s tunneling company, along with The Las Vegas Convention and Visitors Authority (LVCVA) and Clark County, resolved fire safety concerns that delayed new stations.

“It’s new. It’s taken a little time to figure out what the standard should be,” said Steve Hill, LVCVA President and CEO, during last week’s board meeting. “We’ve gotten there. We’re excited about that. We’re ready to expand further, faster, than we have.”

Last month, the company submitted permits for tunnel extensions connecting Encore to a parcel of land owned by Wynn and Caesars Palace. The three tunnels are valued at $600,000 based on country records.

Plans for a Tropicana Loop are also advancing, linking UNLV to MGM Grand, T-Mobile Arena, Allegiant Stadium, Mandalay Bay, and the upcoming Athletics’ ballpark. Downtown extensions from the convention center to the Strat, Fremont Street Experience, and Circa’s Garage Mahal are also in the permitting process.

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“Those are all in process,” Hill noted. “We’ve got machines that are available to be put in the ground. I think we’ve reached a framework for how these projects are going to work and how they’ll be permitted from a safety standpoint, as well as a building standpoint.”

The Boring Company has six boring machines, with three currently active in Las Vegas. Last week, TBC announced that it successfully mined continuously in a Zero-People-in-Tunnel (ZPIT) configuration, enabling it to build more tunnels faster, safer, and at a more affordable rate.

Tunneling under Paradise Road is underway as The Boring Company works on the University Center Loop. The University Center Loop is expected to connect to the Las Vegas Convention Center within two months, linking to the Westgate tunnel. The full Vegas Loop will span 104 stations and 68 miles. Even though The Boring Company’s tunnel network in Las Vegas isn’t nearly finished, it has already become a key attraction in the city.

“It’s such a great attraction for shows that are looking at this building (convention center) and we’re going to be connected to everybody in town,” Hill said. “It’s a real difference-maker.”

A few Vegas Loop stations are already operational, including those connected to Resorts World, Westgate, Encore, and all the Las Vegas Convention Center Loop stations. The Downtown Loop, which connects to the downtown area, and the Riviera Station, the hub that leads to Resorts World with Westgate destinations, are also operational.

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As The Boring Company accelerates the Vegas Loop, its tunnels are poised to redefine mobility and tourism in Las Vegas, blending cutting-edge technology with practical urban solutions.

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