Global revenues, deliveries, market share, income, and for your amusement the WTF stock prices.
By Wolf Richter for WOLF STREET.
General Motors reported its results today, the last of the three US automakers to do so. Those three are GM, Ford, and Tesla. And we can compare their global revenues, global deliveries, and stock market capitalization. Chrysler no longer counts as US automaker, though it still has some plants in the US. Purchased out of bankruptcy by Fiat years ago to become Fiat Chrysler, it has now merged with Groupe PSA, which owns Peugeot, Citroën, Opel, and DS. The whole schmeer is headquartered in Amsterdam and was renamed Stellantis. So this is a foreign automaker.
GM reported today that its global revenues in the year 2020 dropped by 10.8% from 2019, to $122.5 billion, and by 16.7% from 2018, and by 21.5% from, well, 2014, because GM’s revenues have been dropping since 2014. Part of this long-term drop was a result of GM selling Opel/Vauxhall to Groupe PSA.
Ford reported earlier that its revenues in 2020 plunged by 18.5% from 2019, to $127.1 billion, thus maintaining its lead over GM that it had obtained when GM sold Opel, and by 20.7% from 2018, which had been Ford’s peak year. And Tesla’s sales in 2020 jumped by 28% to $31.5 billion:
GM’s global deliveries dropped by 11.5% to 6.8 million vehicles, the fourth year in a row of declines. Since 2016, its deliveries have plunged by 32%. Ford’s deliveries dropped by 22.6% in 2020 to 4.2 million vehicles, the third year of declines, and have collapsed by 37% since 2016. And Tesla’s deliveries jumped by 35.9% in 2020 to 0.5 million vehicles, the red line near the bottom:
Deliveries in the global auto market by all automakers plunged by 14.3% in 2020, to 78.6 million vehicles. Tesla’s share of this global market surged to, well, 0.6%, a tiny fraction of GM’s global market share of 8.7% and Ford’s global market share of 5.3%. Tesla is still just a small automaker.
GM made $6.2 billion in net income in 2020. Ford lost $1.3 billion. Tesla was profitable in 2020 for the first year ever. It made $721 million in net income, thanks to its only profitable business, selling pollution tax credits it obtains from various governments – “regulatory credits” – to other companies. In 2020, it sold $1.58 billion in regulatory credits to other companies. Without those regulatory credits, it would have lost $860 million.
And for your amusement in these crazy times.
Here’s how the ludicrous stock market, so to speak, reacted to this situation: GM’s market cap (shares outstanding times share price) – despite six years of declining revenues and four years of declining deliveries – jumped inexplicably by 58% from a year ago to $77.6 billion.
Ford’s market cap, despite two years of revenue declines and three years of declining deliveries, and a $1.3 billion loss, jumped by 46% year-over-year to $46.7 billion.
Tesla, of course, isn’t an automaker but a supernatural phenomenon, and its CEO walks on water, and its market cap spiked by 450% over the 12-month period to $770 billion, about 10 times the market cap of GM and 16 times the market cap of Ford, though its revenues and deliveries are just a tiny fraction of GM’s and Ford’s, for a class-act ludicrous-mode WTF moment:
And here is another irony for your amusement: Tesla’s shares have quietly given up $78 billion in market cap in the 11 trading days since January 26, which is more than the entire and already ludicrous market cap of GM.
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