© Reuters. GM looks to cut EV costs while searching for profit from green vehicles
General Motors (NYSE:) announced Thursday that the Detroit automaker expects substantial decreases in electric vehicle manufacturing expenses by 2024 while simultaneously ramping up the production of more lucrative vehicle models.
During a Barclays event, GM’s Chief Financial Officer, Paul Jacobson, expressed confidence in the company’s upcoming enhancements in EV profit margins.
He outlined projections for an upturn in margins next year, foreseeing the achievement of mid-single-digit earnings before interest and taxes margin goals by 2025.
“We don’t want to be the next Tesla. We want to be the best GM that we can be,” said Jacobson.
Just a day prior to his remarks, GM implemented several measures aimed at reassuring investors. The automaker’s actions included the announcement of $10 billion in fresh share buybacks, a notable 33% increase in dividends, and a commitment to significantly reducing expenditures within its autonomous vehicle division, Cruise.
In line with its commitment to cease the sale of gas-powered vehicles by 2035, GM had previously stated its intention to produce…
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