GM, Ford and Stellantis revisit electric-vehicle strategy
The CEOs of GM, Ford and Stellantis said they are reassessing their electric vehicle (EV) strategies. They said the review is focused on production schedules, investment priorities and profitability.
The CEOs of GM, Ford and Stellantis said they are taking another look at their electric-vehicle strategies. The three companies are discussing a review of existing EV investments and launch plans. Executives said the review is focused on improving profitability and managing costs.
Items the executives cited as under review include adjustments to production schedules and changes to some investment priorities. They said the timing of new-vehicle launches and factory conversion schedules are being reviewed. Battery supply contracts and parts procurement plans are also under review.
The three companies said they are considering reallocating resources in light of the pace of the EV transition and demand outlook. They said specific decisions by each company will come after review by its board and further consideration. So far, no specific investment withdrawals or major plan changes have been announced.
GM CEO Mary Barra, Ford CEO Jim Farley, and Stellantis CEO Carlos Tavares said they are each leading the relevant reviews. Each CEO said the review is aimed at improving profitability from their company’s perspective. The companies said they plan to disclose the results in future filings and quarterly earnings reports.
The company said the review reflects changes in demand and cost structures in the electric vehicle market. The companies said they have scheduled additional internal reviews to flesh out their production and investment plans. No specific figures that would immediately apply to investors have been announced yet.
Sources: Yahoo Finance
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