GM product refreshes are boosting demand, pricing: CFO
General Motors (GM) reported first quarter results that topped analyst estimates on both the top and bottom lines. The automaker also raised its full-year profit outlook. GM CFO Paul Jacobson tells Yahoo Finance Executive Editor Brian Sozzi the results show that "pricing has held up very strong across the board." Jacobson credits product refreshes with both creating demand and helping to keep pricing on solid footing. On the topic of EV adoption, Jacobson says it will remain "choppy," though sales are "holding in there pretty well" for GM. Jacobson credits "flexibility" in GM's systems that allows them to do things like produce both EVs and internal combustion engine vehicles on the same production line. EV rival Tesla (TSLA) plans to make an announcement on its robotaxi on August 8th. GM's autonomous vehicle division, Cruise, has recently put its vehicles back on the road in Phoenix after suspending driverless operations due to safety concerns. "Just because we've paused vehicles on the road doesn't mean we've paused investment in the technology," Jacobsen says, noting the company is focused on safety and rebuilding credibility in the space. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Stephanie Mikulich.
