The American automobile corporation General Motors (GM) is curtailing the production of electric vehicles in favor of a new generation of Cadillac models with gasoline engines, starting in the spring of 2027. This is reported in a GM press release.
The company reported adjusted earnings of $3.57 per share. Total revenue reached $48.03 billion. At the same time, the experts interviewed by LSEG expected a profit of $3.20 per paper on revenue of $47.01 billion.
GM plans to launch Cadillac gasoline models (CT5 sedan, XT5 and XT6 crossovers), which will replace previous versions and will be produced in parallel with electric crossovers and the Escalade SUV.
Cadillac previously aimed to become an all-electric brand by the end of the 2020s, but the company's plans have been hampered by slow growth in electric vehicle sales, changes in U.S. policy that have weakened emissions requirements and reduced support for electric vehicles, as well as significant losses for GM from investments in the electric vehicle sector. All factors combined have led to a review of the strategy and increased production of internal combustion engines, including the V-8.
GM management intends to expand production of full-size SUVs at the plant in Michigan, which was originally planned for the production of electric vehicles. Currently, the company's most popular models (Escalade, Chevy Tahoe, Suburban, GMC Yukon and Yukon XL) are manufactured exclusively at the assembly plant in Arlington, Texas.
General Motors (GM) is one of the largest American automobile corporations. The headquarters is located in Detroit, Michigan.
