Transportation
GM Expects Higher Profit After Paying the Price for 2023 Problems
- Carmaker expects to generate more cash from strong US sales
- CEO vows $2 billion in cost cuts, sales of 250,000 EVs in 2024
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From a costly strike to stubborn production headaches, General Motors Co. had a very difficult 2023. Chief Executive Officer Mary Barra says that has paved the way for a much better 2024.
GM shares jumped on Tuesday following a rosy full-year outlook from the automaker. The more bullish guidance stems largely from the belief that the heavy costs of those problems, which included difficulties with Ultium electric-vehicle batteries and regulatory scrutiny at GM’s Cruise robotaxi business, are now in the rearview mirror.