GM car and truck buyers are trying to tell Mary Barra something. Will she listen?
Bloomberg (7/25/23) reports: "General Motors Co. raised its profit target for the year by at least US$1 billion and said its second-quarter earnings beat analysts estimates on stronger-than-expected U.S. sales, especially its largest and most profitable models. The results show that while investors eagerly await progress in GM's electric-vehicle program, its legacy business making gasoline and diesel-fueled SUVs and trucks are allowing it to crank out big profits. Consumers are buying the thirstiest and most expensive models despite rising interest rates and elevated sticker prices. 'The biggest driving force behind our financial results is customer demand for our vehicles,' GM Chief Executive Officer Mary Barra said Tuesday in a letter to shareholders. 'We have earned four consecutive quarters of higher retail market share in the U.S.'...The automaker is concentrating investment on its most strategic internal combustion engine and EV programs, Barra said, as well as its most promising growth initiatives, including Cruise LLC, its self-driving car unit, as well as its BrightDrop EV fleet and software-defined vehicles. Cruise lost US$611 million in the quarter and the driverless car business has cost GM US$1.2 billion so far this year."
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"When it comes to EPA regulations, buyer beware. The price tags in its regulatory impact analyses are unconnected to reality, and even the most predictable grid reliability problems have been swept under the rug."
– Travis Fisher,
The Heritage Foundation
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