GM Investor Day Focuses on EV and ICE Plans

At General Motors' 2024 Investor Day, CEO Mary Barra outlined a strategy aimed at reassuring shareholders amidst concerns over electric vehicle (EV) demand and the performance of internal combustion engine (ICE) vehicles. The automaker plans to launch five new ICE models and two EVs in Q4, emphasizing profitability and stability over aggressive growth targets set in previous years. Despite a slower transition to EVs, GM aims to demonstrate that margins for ICE vehicles remain robust and that EV sales are picking up momentum, aided by their Ultium Cells battery technology. The company also plans to showcase efforts in cost reduction and a partnership with Hyundai to enhance EV affordability. Analysts expect a shift in messaging from growth to a more pragmatic approach in response to changing market conditions, with a focus on flexibility in production. This marks GM's first Investor Day since 2022, following a year of challenges including a significant strike and struggles in the Cruise autonomous vehicle division.