GM shares surge after record earnings and new stake in lithium company - CNN
General Motors reported a much stronger than expected fourth-quarter profit, lifting full-year results to record levels for the second straight year.
But company CFO Paul Jacobson said its automotive business is expected to remain strong, with much of the decline likely to be at GM Financial.Jacobson told journalists that GM does not expect to follow Tesla and Ford in cutting the prices for its electric vehicles.“We continue to face some supply chain and logistics issues, but overall, things remain trending in the right direction,” said Jacobson.But the company expects to be rapidly increasing its EV supply and offerings, with a new battery plant that opened last year, two more under construction and a fourth planned soon.“We continue to pursue strategic supply agreements and partnerships to further secure our long-term needs,” she told investors.