General Motors (NYSE:GM)
On Tuesday, Mary Barra, the chief executive officer of General Motors (NYSE:GM), said that while problems with the company’s supply chain are getting better every quarter, these concerns are projected to continue beyond 2023. She said that the car manufacturer would keep focusing on electric vehicles (EVs), which is a component of what she referred to as “one of the most profound transitions in the past hundred years.”
The CEO of General Motors (NYSE:GM) told CNBC that while “still seeing a powerful consumer,” the company is “planning for a quite conservative 2023.” Despite this, she noted that “we are preparing for a fairly conservative 2023.”
She observed that ” we are seeing strong pricing and low incentives.” Still, she also cautioned that “a lot is going to rely on what happens with the economy.”
Barra forecasted that by 2025, electric vehicle (EV) adoption would surpass 20% of total industry sales in the United States. As part of this, she said that five GM assembly sites in the United States, Canada, and Mexico would be constructing solely electric cars (EVs) to meet the company’s objective of selling entirely electric passenger vehicles by the year 2035.
The business plans to add a full-sized truck, heavy-duty trucks, Chevy Siller Silvero, and Hummer SUVs to its lineup in the distant future.
According to Barra, the corporation is also reworking its business strategy by allowing consumers to buy vehicles online to reduce the expenses associated with selling the vehicles.
GM stock has dropped by around 36% in value over the last year.
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