GM Prioritizes Faster EV Launches Ahead of Fatter Profits

GM Prioritizes Faster EV Launches Ahead of Fatter Profits
The new GM logo is seen on the facade of the General Motors headquarters in Detroit, on March 16, 2021. Rebecca Cook/Reuters
Reuters
Updated:

DETROIT—General Motors Co on Tuesday said it will spend more than the $35 billion previously planned through 2025 to speed up launches of new electric vehicles, and noted that investments in technology will take priority over richer profits next year.

GM said it expects 2022 operating profit of $13 billion to $15 billion, in line with a record 2021 operating profit of $14.3 billion, even though vehicle production is expected to increase as semiconductor supplies improve and pricing power remains strong.