General Motors Co shares jumped early on Tuesday after it reported higher net income for the fourth quarter, forecast stronger-than-expected earnings for 2023 and said it would cut $2 billion in costs.
shares jumped early on Tuesday after it reported higher net income for the fourth quarter, forecast stronger-than-expected earnings for 2023 and said it would cut $2 billion in costs.
For now and for several years to come, GM's profitability will be driven by demand for those vehicles - a reality GM highlighted in its presentation to investors. GM underscored that its Chevrolet and GMC pickup trucks make it No. 1 in sales volume in the U.S. market, and it leads in sales of highly profitable large SUVs as well.
Jacobson expressed little concern about the potential impact of recent price cuts by Tesla and Ford Motor Co"We see incredibly strong demand with the pricing strategy we’ve gone to market with," Jacobson said. Operating earnings per share of $2.12 in the quarter compared with $1.99 a year earlier. Analysts had predicted $1.69.
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