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GM CEO: although electric vehicle production in 2023 is a bit disappointing, it has made "substantial changes"

2024-04-22 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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CTOnews.com, Nov. 30, General Motors CEO Mary Barra said she was disappointed with the production of electric vehicles this year because of constraints. At the same time, she believes that affordable entry-level electric vehicles will help promote the popularity of new energy vehicles.

While I am disappointed with our production of electric vehicles based on the Ultium platform in 2023, GM has made "substantial improvements", Mr Barra said. She expects production of Ultium electric vehicles to increase significantly in 2024.

She explained that this is not a problem with Ultium, but a limitation in automated manufacturing equipment, which GM is trying to overcome and is improving every quarter. She expects the company to overcome the problem in the first half of next year.

In the third quarter of this year, GM delivered 4222 Ultium-based electric vehicles, compared with 15835 Bolt EV / EUV models. That's not much, but it's up more than 200% from 1395 in the second quarter.

Mr Barra explained that GM "never saw the popularity of electric vehicles as a straight line", but the market was still growing. Barra believes that new products, such as the Blazer EV, and more opportunities ahead will help promote the popularity of electric vehicles.

More importantly, she believes entry-level electric vehicles such as the electric Chevrolet Equinox and the next-generation Bolt will play a key role in gaining higher market share.

GM shares soared on Wednesday after announcing a historic $10 billion buyback plan. In addition, the company revealed that it would raise its dividend by 33% and cut spending on Cruise.

She said the company's biggest buyback plan was the signing of a new labor contract, which costs $9.3 billion (currently about 66.402 billion yuan) and is valid until 2028.

GM's new contract includes a 25% wage increase, pension increases and health care, signing bonuses and paid leave. In an interview with Bloomberg, Barra said she believes GM will be able to fully offset these costs through the plan.

Mr. Barra said GM must maintain a balance among stakeholders as labor contracts are resolved. She also said the company's liquidity was "at record levels".

According to GM's full-year guidance, the company expects net income this year to reach $91.97bn (currently about 649.74-69.258 billion yuan), compared with a previous forecast of $93107bn. Capital expenditure is expected to be at the low end of the previous guidance range, about $11 billion to $115 billion (currently about 785.4-82.11 billion yuan).

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