General Motors NYSE: GM Chief Financial Officer Paul Jacobson said the automaker's first half performed “remarkably well,” supporting an increase in full-year guidance, while cautioning that the second half faces pressures from commodity inflation, onshoring costs and vehicle launch activity.
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GM is restarting EV battery production in Ohio after a seven-month shutdown, with about 1,400 workers expected back.
GM's 13.1% monthly gain reflects stronger core operations, improving earnings prospects and growth in software and digital services.
A factory jointly owned by General Motors and LG Energy Solution in northeast Ohio is scheduled to restart production of battery cells next week after a seven-month shutdown.
General Motors Company (GM) Presents at J.P. Morgan Automotive Conference Transcript
GM is exiting its Indiana battery JV with Samsung SDI as weaker EV demand prompts a pullback in battery investments.
General Motors' $4.5B parts plan aims to shield production from supply shocks by securing critical inventory ahead of potential disruptions.
GM reaches up to $4.5 billion parts deal designed to avoid supply chain troubles
General Motors said it has entered an agreement with a third-party inventory management company to ensure access to future supply of critical parts.
The auto industry in recent years has been stung by supply chain disruptions.
General Motors and China's SAIC Motor have extended their joint venture by 20 years, to 2047. GM said the deal will focus on domestic sales of Buick and Cadillac models in China and exporting Chevrolet products built in China for non-U.S. markets.