Source: https://www.freep.com/story/money/cars/general-motors/2024/06/11/gm-electric-vehicles-production-demand/74055964007/
General Motors is pulling back its electric vehicle production target this year and adjusting the timing on its profit targets because demand for EVs is not growing at the pace initially expected. GM CFO Paul Jacobson said Tuesday that GM would trim its targeted production of its new EVs in 2024 from between 200,000 and 300,000 to between 200,000 and 250,000. Jacobson said GM still believes it can be "variable profit positive" on its EVs at the "low 200,000" production range.
When the bankruptcy story is told, I'm hoping Michael Chiklis plays Paul Jacobson.
Are you also put off with this language: "variable profit positive"? Considering that our bonuses are based on EV sales, based on what we are hearing here, your 2025 bonus will be "variable profit negative".
I wonder if Mark selling 50,000 shares on Monday, 3 days before the bad news about EVs not meeting their targets was an SEC violation? He had to know, right?
https://tcr.sec.gov/TcrExternalWeb/faces/pages/accept.jspx