GM Kicks One More Iconic Gas-Powered Chevy Car To The Curb As EV Focus Sharpens
Portfolio Pulse from Benzinga Neuro
General Motors (NYSE:GM) is discontinuing the gasoline-powered Chevrolet Malibu to focus on electric vehicles (EVs), with plans to invest $390 million in its Kansas assembly plant for the next-generation Chevrolet Bolt EVs. The shift reflects GM's broader strategy towards EVs and crossovers, despite a temporary production halt of the Cadillac XT4 and concerns from dealers about the exclusive focus on fully electric cars. GM reported a 7.6% sales growth in Q1 2024, beating estimates and raising its FY24 earnings outlook.
May 09, 2024 | 6:32 am
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GM is ending production of the Chevrolet Malibu for an EV-focused strategy, investing in its Kansas plant for Bolt EVs, and has raised its FY24 earnings outlook after a strong Q1 performance.
GM's strategic shift towards electric vehicles, including the discontinuation of the Chevrolet Malibu and investment in the Chevrolet Bolt EV, reflects a forward-looking approach to the automotive market. The company's strong Q1 performance and raised FY24 outlook signal confidence in its EV strategy, potentially leading to positive investor sentiment and a short-term uptick in stock price.
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