GM CEO Mary Barra Says Company's EV Strategy Remains On Track As Automaker Takes Steps To Cut Costs, Improve Margins
Portfolio Pulse from Adam Eckert
General Motors Co (GM) reported better-than-expected Q2 financial results, with revenue of $44.75 billion and adjusted earnings of $1.91 per share. However, the stock fell after the company announced cost-cutting measures. GM also raised its full-year 2023 guidance and said it's taking steps to reduce costs and improve EV margins. Despite supplier issues, GM's EV strategy remains on track, with plans to produce 100,000 EVs in H2 2021 and 400,000 by mid-2024. The company is also focusing on producing lower-cost EVs and building a robust charging network.
July 25, 2023 | 4:04 pm
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GM reported better-than-expected Q2 results and raised its full-year 2023 guidance. However, the stock fell after the company announced cost-cutting measures. Despite supplier issues, GM's EV strategy remains on track.
GM's stock fell due to the announcement of cost-cutting measures, which may have raised concerns among investors about the company's financial health. However, the company's better-than-expected Q2 results and raised 2023 guidance indicate a positive outlook. The company's commitment to its EV strategy, despite supplier issues, could also be a positive factor in the long term.
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