GM says EV losses to peak in 2024, to focus on improving profitability in 2025

Discussing 2025 at the company’s Investor Day, General Motors said it expects performance “will be in a similar range to 2024.” “We believe our EV losses peak this year, and we’re focused on significantly improving profitability next year. We will exit 2024 with a fixed cost structure that is $2B lower than two years ago. GM and our partner SAIC are taking bold steps to make sure our joint venture in China is profitable and sustainable. In China, you will begin to see evidence of a turnaround yet this year with a significant reduction in dealer inventory and modest improvements in sales and share. A combination of these factors will allow us to continue to generate and return significant cash to shareholders after we reinvest in the business. We expect to reduce our common shares outstanding to less than one billion by early next year. That is down about 600,000,000 shares from our peak.”