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GM and Ford prioritize gasoline cars in Q1 amidst EV challenges

GM is set to release its Q1 results on Tuesday, while Ford is scheduled to present theirs on Wednesday.

The market eagerly anticipates the first-quarter results of two leading U.S. automakers, General Motors (GM) and Ford. Despite facing challenges such as a slowdown in electric vehicle demand, increased competition from Chinese automakers, and macroeconomic pressures, both companies have remained resilient. They have reduced expenses and delayed investments to pursue profit growth while focusing on their primary gasoline-powered cars, the main source of their profits. 

GM will release its results on Tuesday, while Ford is scheduled to present theirs on Wednesday.

Given the strong demand for profitable pickup trucks and SUVs under the Chevrolet and GMC brands, GM’s CEO, Mary Barra, expressed notable optimism about the company’s performance. This surge in demand has positively influenced the market, as Barclays recently increased its target price for GM shares by 10% to $55.

While Ford Chief Financial Officer John Lawler reiterated the company’s forecast for full-year profit, GM Chief Financial Officer Paul Jacobson stated that the year was off to a strong start and that the company felt optimistic about the direction of demand.

Due to increased costs and erratic demand for battery-electric vehicles, U.S. automakers have faced obstacles in electrifying their vehicle lines. Therefore, the focus on gasoline-powered cars shows these automakers’ adaptability to market conditions. 

Furthermore, investors are eagerly awaiting an update on GM’s Cruise robotaxi division, which has been struggling since a catastrophic accident that caused the company to suspend its autonomous ride operations. Cruise is set to reintroduce human drivers to some of its vehicles in Phoenix, Arizona. 

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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