General Motors (GM) posted better-than-expected results and raised its outlook again, but concerns about the carmaker’s cost-cutting moves and el🔥ectric﷽ vehicle (EV) production sent shares lower.

GM reported fiscal 2023 second quarter earnings per share (EPS) of $1.91, with revenue jumping 25.1% to $44.75 billion. Both exceeded forecasts. The company also raised its 2023 guidance for the second time this year, predicting adjusted profit of $12 billion to $14 bi🅠llion, up from the previous $11 billion to $13 billion.

CEO Mary Barra said the biggest driving force behind the strong financial report was “customer demand for our vehicles, which have now led the U.S. industry in initial quality for two consecutive years.” CFO Paul J🐷acobson added GM benefited from strong sales of trucks and SUVs, as well as higher prices. 

However, GM explained it ♉was reducing expenditures through this year by $3 billion instead of the earlier estimate of $2 billion. In addition, Jacobson noted the company is having a “challenging” time producing a new type of battery pack for use in its EVs. He indicated GM is anti🔜cipating making 100,000 EVs in the second half of the year. 

Shares of General Motors were down for the day but stayed up for the year.