Electric Vehicles No Longer the Focus at GM

By Travis Hoium – Oct 27, 2023 at 6:15AM

NYSE: GM

General Motors

Market Cap

$52B

Today's Change

(0.48%) $0.22

Current Price

$45.84

Price as of April 26, 2024, 4:00 p.m. ET

GM is turning its focus to profitability on existing vehicles and pulling back on EV investments.

General Motors (GM 0.48%) once saw electric vehicles (EVs) as the path to growth in the auto industry, but that tune changed this week. Management said they will slow some investment in EVs and focus on lowering costs to be profitable, which may mean more trucks and SUVs produced in the future.

In this video, Travis Hoium covers what we learned and where GM is seeing the most cash flow in 2023.

*Stock prices used were end-of-day prices of Oct. 24, 2023. The video was published on Oct. 25, 2023.

Travis Hoium has positions in General Motors. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends General Motors and recommends the following options: long January 2025 $25 calls on General Motors. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.