General Motors Not Seeing Any Signs of Weakening Consumer Demand
2022.06.15 20:06
General Motors (GM) Not Seeing Any Signs of Weakening Consumer Demand
By Investing.com Staff
General Motors (NYSE:GM) shares added to gains Wednesday following positive comments from CFO, Paul Jacobson, at today’s Deutsche Bank Global Auto Industry Conference.
Jacobson said the company is “very much on track” to deliver 25% to 30% unit volume growth this year.
Also, the CFO said there is nothing “causing us to back off our $13 billion to $15 billion EBIT target for the year, and we continue to track towards that.”
Jacobson added that the company is not seeing any signs of weakening consumer demand for vehicles.
“We have not,” Jacobson said when asked if they are seeing weakening demand. “And trust me, I’m looking for it and asking for every day. And what I’m stressing to the organization is the need to be nimble and agile, right? We obviously have long-term investments that we have to make. We have short-term targets that we have to hit. And in order to respond to this rapidly changing environment, we’ve got to be ready to act, and part of that is what are those signs that we’re going to be looking for.”
Further, he said the company has been able to offset the $5 billion of cost pressures with cost savings and higher pricing.
