General Motors has an optimistic outlook for itself in 2023, raising its earnings projections on the strength of its core automotive business and the upcoming launch of multiple new gas-powered and electric vehicles.
The automaker last week said it would raise its full-year guidance for adjusted earnings before interest and taxes by $500 million, to a range of $11 billion to $13 billion. Executives said demand and pricing have been steady so far this year as they look ahead to the launch of key new vehicles, including premium trucks, entry-level crossovers and mainstream EVs.
GM also stressed the importance of reining in costs as it scales its transition to EVs. The company this year expects to see nearly half of the $2 billion in cost reductions it wants to achieve through 2024, CFO Paul Jacobson said.