DETROIT—The pandemic that has halted vehicle production and hampered consumer demand isn't shaking General Motors Co.'s commitment to aggressively invest in an electric and autonomous vehicle future.
Those plans have been "untouched," Chief Financial Officer Dhivya Suryadevara said as the auto maker posted an 87 percent drop in first-quarter net income.
When its plants restart, GM will prioritize lucrative pickups and large SUVs, but the electric Cruise Origin AV, GMC Hummer pickup and Cadillac Lyriq crossover are being kept on track. Planned unveilings of the Lyriq and Hummer to the public, however, have been postponed.
Meanwhile, some updates to internal combustion engine vehicles are being pushed back. GM will assess freshenings on a vehicle-by-vehicle basis and make revisions to drive more customer value, CEO Mary Barra said.
"We have found areas of savings that ... as you go to a situation like this, things that seem to be incredibly important, when you really challenge them, you find opportunities to save. So we will do that, and we'll be focusing on our key product franchises," Barra said.
Despite the lost revenue from its plant closures, GM still made a $294 million profit in the first quarter globally and earned $2.2 billion in North America.
That compares with losses of $1.8 billion for Fiat Chrysler Automobiles and $2 billion for Ford Motor Co. Each of the Detroit 3 expects its results to worsen in the second quarter, which will include about six weeks of downtime vs. two weeks in the first quarter.
GM's ability to stay in the black during a challenging first quarter earned the company rare plaudits from Wall Street. Deutsche Bank analyst Emmanuel Rosner upgraded his rating of GM's stock to "buy" last week.