General Motors Adjusts EV Production Target, Resumes Cruise Operations In Houston
Portfolio Pulse from Nabaparna Bhattacharya
General Motors (GM) has resumed operations for its autonomous driving unit Cruise in Houston and adjusted its EV production target for the year to 200,000-250,000 units. The company also announced a $6 billion share repurchase authorization. GM shares are trading higher by 1.42%.
June 11, 2024 | 5:22 pm
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General Motors has resumed operations for its autonomous driving unit Cruise in Houston and adjusted its EV production target for the year to 200,000-250,000 units. The company also announced a $6 billion share repurchase authorization, representing over 10% of its current market cap. GM shares are trading higher by 1.42%.
The resumption of Cruise operations and the adjustment in EV production targets indicate GM's strategic focus on autonomous driving and EVs. The $6 billion share repurchase authorization is a significant move to return value to shareholders, likely boosting investor confidence and positively impacting the stock price in the short term.
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