GM CEO Mary Barra remains optimistic about the company’s prospects despite slowing electric vehicle demand and financial issues in China. Barra cited the adjustment of its Lansing, Michigan battery plant as an example of how GM is adapting to changing conditions.
The automaker will sell its stake in the Lansing plant to joint venture partner LG Energy Solution, and instead rely on two other plants in Ohio and Tennessee to supply EVs. Barra emphasized her commitment to electric vehicles, stating that she believes they are better than traditional cars.
However, the number of available chargers remains a challenge, and Barra acknowledged that consumers need more charging infrastructure. GM is also writing down the value of its joint ventures in China, taking a non-cash restructuring charge of over $5 billion.
Barra sees this move as an opportunity to return to profitability in China, citing the potential for significant growth in the market. Despite challenges, she believes GM brands like Cadillac and Buick can still be profitable in China.
Additionally, Barra announced that GM is ending its stand-alone efforts with Cruise robotaxi unit and will instead combine it with in-house efforts to develop autonomous driving technologies.
The CEO also discussed Tesla CEO Elon Musk’s role as an advisor to President-elect Donald Trump, stating she couldn’t speak to his intentions. However, Barra emphasized the need for streamlining processes and reducing regulation in the industry.
Source: https://www.forbes.com/sites/billkoenig/2024/12/12/gm-chief-mary-barra-proclaims-optimism-despite-ev-china-challenges