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General Motors Adjusts EV Production Target, Resumes Cruise Operations In Houston

Nabaparna Bhattacharya
June 11, 2024

General Motors Company (NYSE:GM) resumed operations on Tuesday for its autonomous driving unit Cruise in Houston.

“We’ll start with human-driven vehicles and move to supervised autonomous driving with a safety driver behind the wheel in the coming weeks, guided by safety,” Cruise said in a post at X, formerly known as Twitter.

Meanwhile, during a Deutsche Bank investor event, the company’s Chief Financial Officer Paul Jacobson said General Motors now anticipates production of 200,000 to 250,000 EVs this year, down from a previously announced range of 200,000 to 300,000, CNBC reported.

“So at the lower end of that, and I think it reflects the momentum that we have in the business,” Jacobson said, CNBC added.

The company maintains its EV profitability target, expecting variable profit positivity at 200,000 units, likely in the fourth quarter of this year.

The Detroit automaker is also in the middle of launching a new EV lineup, featuring Chevrolet Equinox EV starting at $35,000 pre-incentives, and relaunched the Chevrolet Blazer EV post-software fix, the report added.

Earlier in the morning,  the company said it approved a new share repurchase authorization to repurchase up to $6 billion of its outstanding common stock.

The stock buyback represents over 10% of General Motors’ current market cap.

“The investments GM made in its brands and product portfolio over the last several years, and the company’s operating discipline, are delivering consistently strong revenue growth, margins and free cash flow,” said Paul Jacobson, GM executive vice president and chief financial officer. 

Read More: General Motors Authorizes $6B Stock Buyback – More Than 10% Of Stock Float

Price Action: GM shares are trading higher by 1.42% to $48.25 at last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock

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