GM stock price increased to close proximity to a crucial level. Despite the difficult business climate, General Motors CEO Mary Barra stated in a letter to the firm’s shareholders on Tuesday that the company will retain its full-year projection. She added that “demand is robust for GM products, and we are actively managing the obstacles we encounter.” “We are actively managing the headwinds we face.” General Motors ( NYSE:GM ) has confirmed its profit projection for the whole year and its commitment to developing electric vehicles after surpassing analysts’ estimates for its third-quarter earnings despite coming up slightly short on revenue.
GM ( NYSE:GM ) also reaffirmed its intention to move more quickly toward producing electrified vehicles. Barra said on Tuesday that the company would address the “rapid growth of our EV portfolio” during an investor day on November 17.
Barra noted in the letter to shareholders on Tuesday that upcoming electric vehicles that are more inexpensive and would be available in 2023 have been “extremely warmly accepted” by consumers and will promote fast adoption of EVs.
A ramp for electric vehicles is essential. However, the company’s new Hummer and Lyriq EV models only delivered a combined total of less than 500 units during the most recent quarter. The company aims to sell 400,000 electric vehicles in North America by 2023.
The majority of General Motors’ electric vehicle (EV) sales in the third quarter were of an earlier Bolt model that had been updated. GM said on Tuesday that it would raise manufacturing of the Bolt EV by roughly 60 percent following the announcement that it outsold Ford’s Mach-E in September.
The Mach-E is the vanguar...
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