GM needs to address issues related to electric vehicle production by 2024.
GM has stated that it expects to earn nearly $10 billion in 2023, but it will need to address issues related to electric vehicle production and its Cruise robotaxi business in 2024.
The company begins 2024 with a clear vision of its labor costs after finalizing new union contracts in the United States and Canada, but there are still uncertainties to be resolved in other key areas of its business.
GM’s electric vehicle strategy has been hindered by production constraints, and its Cruise autonomous vehicle business has been shaken by an October accident that halted operations nationwide and triggered federal investigations.
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GM is set to announce its fourth-quarter and full-year financial results on Tuesday. In November, the automaker said it expected to earn nearly $10 billion in 2023, even after accounting for the $1.1 billion loss from the six-week UAW strike in the fall.
CEO Mary Barra has said that GM plans to “fully offset” the higher labor costs for 2024, which amount to about $1.5 billion, or $500 per vehicle.
Analyst David Whiston is optimistic about the year ahead for GM, stating that 2024 “should be at least a strong year for them, if not better.”
However, he emphasizes that the focus will be on expectations for electric vehicles, as sentiment towards electrification has quickly deteriorated.
GM has encountered unexpected difficulties in ramping up production of electric vehicles based on its Ultium battery architecture, partly due to an issue with the automation equipment supplier that has slowed down battery module assembly.
Another priority is resolving issues at Cruise, GM’s autonomous vehicle subsidiary, following a pause in operations due to an October accident. Cruise has released the results of an external investigation, highlighting leadership shortcomings and judgment errors.
Cruise intends to resume operations in a single city, although the timing and location have not yet been disclosed.
Whiston predicts that GM will provide more details about Cruise’s future at an investor day in March, noting that the unit’s losses are expected to be much smaller in 2024 due to reduced spending.
