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NO OPTION! Elon Musk reveals Real Reason not to save GM from bankruptcy!
CNBC
Joe Biden
Tobias Lindh
Tesla Owners Silicon Valley
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NO OPTION! Elon Musk reveals Real Reason not to save GM from bankruptcy!
Musk’s points are incredibly valid because the White House has devoted a specific loyalty to UAW-run plants and because Tesla has routinely outperformed GM in EVs. They even offered additional funds to a revised version of the EV tax credit if the vehicle was built at a union facility.
GM is facing difficulties in production and has to handle its issues weekly.
Mary Barra said supply chain issues would pressure its earnings, though it maintained its previous guidance for 2022. GM has roughly 95,000 manufactured vehicles in its inventory that are missing specific components as of June 30.
Despite the supply chain snafus hindering the company, Barra said that GM plans to ramp up its EV production.
“The Hummer, we’re out a couple of years. We’re looking at increased production in the latter part of this year for the Hummer truck,” she said.
The Hummer EV pickup truck is available for purchase, but many current reservations mean new orders won’t be fulfilled until 2024.
Shares of GM fell to close at $31.59, well below its 52-week high of $67.21.
GM expects to generate an operating profit this year of between $13 billion and $15 billion, or $6.25 to $7.25 per share.
What surprised many analysts was GM’s projected production increase of 25% to 30% this year as it continues to manage through a global shortage of semiconductor chips. GM ensured that more EVs are coming and claimed to be “all-in” in electric vehicles for years now, but its sales haven’t reflected that.
When asked about the sales target, a GM spokesperson referred to Barra’s comments about accelerating its EV plans. She did not mention the 1 million sales goal announced several years ago.
NO OPTION! Elon Musk reveals Real Reason not to save GM from bankruptcy!
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