General Motors will double down on its electric vehicle production in the second part of 2023. This was revealed by the company’s CFO, Paul Jacobson, in a recent chat with Yahoo Finance Live.
According to Jacobson, the demand for the company’s electric cars remains “firm,” and the company intends to ramp up the production through this year in order to keep up. General Motors intends to produce 50,000 units in the first two quarters of 2023, meaning that the full-year production should come to 150,000 units if everything goes as planned.
The company also revealed that it intends to halt the production of some of its popular EV models Chevrolet Bolt by the end of the year. Despite being GM’s best-seller in the EV department due to its affordable price, Bolt will be axed because of outdated battery cells. Equinox EV model, which is slated to roll out in the fall, is expected to take its place.
General Motors’ first-quarter earnings report on Tuesday beat the analysts’ estimates. The company had revenue of $39.98 billion versus an estimated $39.24 billion, while its diluted earnings per share came at $2.21 compared to the expected mark of $1.72 per share.
GM stock dropped to $32.91 per share on Tuesday compared to the close price of $34.28 the day prior. The company’s shares are 2.69% down year-to-date.