GM CFO Says Strike Cost 95,000 Units Of Production, Mainly Mid-size Trucks And Large Crossovers; GM CEO Says Industry EV Sales In U.S. Will Top 1 Million Units This Year For First Time
Portfolio Pulse from Benzinga Newsdesk
GM's CFO reported that the recent strike resulted in a production loss of 95,000 units, primarily affecting mid-size trucks and large crossovers. Additionally, GM's CEO anticipates that industry sales of electric vehicles (EVs) in the U.S. will exceed 1 million units for the first time this year.
November 29, 2023 | 1:31 pm
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NEUTRAL IMPACT
The strike at GM has significantly impacted production, with a loss of 95,000 units. This could affect revenue and earnings in the short term. However, the positive outlook on EV sales could counterbalance the negative impact.
The production loss due to the strike is a negative factor that could lead to lower short-term revenue and earnings, negatively affecting the stock price. However, the CEO's positive outlook on the EV market growth could signal long-term potential and mitigate the immediate negative impact. The net effect might be neutral in the short term as investors weigh the immediate production losses against the potential for future growth in the EV sector.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100