August 8, 2022

Common Motors Co Chief Govt Mary Barra stated on Monday the automaker is “promoting each truck we are able to construct” and increasing North American truck-building capability, at the same time as U.S. gasoline costs hit report highs.

Barra made her feedback through the automaker’s annual shareholder assembly.

GM is pursuing a two-track technique: Investing closely in electrical automobiles for North America, China and different markets, and funding these investments by attempting to maximise earnings from its North American combustion pickup truck and huge SUV lineups.

Barra stated GM is planning higher-priced variations of its Silverado giant pickup and its giant SUV fashions.

GM and its Detroit rivals Ford Motor Co and Stellantis NV rely closely on gross sales of huge pickup vehicles and SUVs for world earnings. Excessive U.S. gasoline costs up to now have undermined shopper demand for comparatively inefficient fashions.

Nominal pump costs hit a median of above $5 a gallon for the primary time ever final week, the federal authorities stated Friday.

GM is ramping up manufacturing of EVs. Barra stated the Cadillac Lyriq electrical sport utility is bought out via 2023.

In response to shareholder questions, Barra stated the “clear precedence” for utilizing money generated by its operations is to “speed up our EV plans.” She didn’t rule out share buybacks or different approaches to returning money to shareholders.

GM nonetheless expects to extend manufacturing this yr by 25-30%, regardless of persevering with stress on semiconductor provides globally. Barra stated GM is working to revamp automobiles to scale back the variety of processors required by 95%.

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Barra serves as GM’s board chair and CEO. GM shareholders overwhelmingly rejected a proposal to separate these roles.

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