GM to Accelerate EV Efforts

General Motors says it will spend more than the $35 billion previously planned through 2025 to speed up launches of new EVs.

GM said, as reported by Reuters and others, that it expects 2022 operating profit of $13 billion to $15 billion, in line with a record 2021 operating profit of $14.3 billion, even though vehicle production is expected to increase as semiconductor supplies improve and pricing power remains strong.

"What we're doing here is essentially redeploying some of the upside earnings from the additional volume into acceleration and taking a longer-term view than just trying to maximize short-term profit," GM CFO Paul Jacobson said during a conference call.

CEO Mary Barra said GM is "accelerating within the '20 to '25 time frame from the $35 billion, but there's also some investments that we're pulling in" that were planned later in the decade.

You can read the rest of the Reuters report here.

Source: Reuters