Shares of General Motors (GM) are trading higher on Tuesday after the automaker reported better-than-expected first-quarter earnings results. RBC Capital Global Auto Analyst Tom Narayan joins Yahoo Finance to discuss the company’s outlook on the US auto market, stating that GM is positioned "very well" for the road ahead.
Narayan notes that moving forward, pure-play electric vehicle (EV) companies "are going to be really challenged with the EV slowdown." However, he emphasizes that GM has maintained exposure to internal combustion engine (ICE) vehicles, is building its own batteries, and plans to launch numerous products in the latter half of the year as they expect EV demand to recover.
Although GM is investing heavily in the EV space, Narayan stresses that the majority of the company’s first-quarter revenues came from ICE vehicles and not EVs. He highlights that the EV segment will boost margins due to "pure scale" benefits as the company plans to ramp up production and sales of its electric models.
Yahoo Finance Executive Editor Brian Sozzi spoke with General Motors CFO Paul Jacobson earlier this morning. In March, Sozzi also interviewed General Motors CEO Mary Barra on her leadership model and her plans for investing further into EVs.
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