GM - General Motors CFO Discusses EV Progress and Capital Allocation at BofA Securities 2024 Automotive Summit | Benzinga
At the recent BofA Securities 2024 Automotive Summit, General Motors Chief Financial Officer Paul Jacobson provided an insightful overview of the company's current position and future outlook, particularly in relation to its electric vehicle (EV) production and capital allocation strategies.
Jacobson highlighted the strong start to 2024, with General Motors (NYSE: GM) setting monthly records for the Cadillac LYRIQ, which has quickly become a significant player in the luxury EV market. The company is on track to meet its production goal of 200,000 to 300,000 EVs for the year, a critical step towards its broader EV adoption strategy.
Despite some challenges in the commercial sector, GM has seen robust retail gains, with a notable reduction in incentives as the company navigates the post-Inflation Reduction Act (IRA) landscape. Jacobson emphasized the importance of maintaining a customer-centric approach, ensuring that GM's vehicles are equipped with the features that consumers demand.
On the global stage, GM is cautiously optimistic, with a plan based on a 16 million unit SAAR in the U.S. and an assumption of a 2% to 2.5% price ...