{"id":1981935,"date":"2023-07-25T07:24:02","date_gmt":"2023-07-25T11:24:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gm-puts-profit-ahead-of-growth-veering-away-from-tesla\/"},"modified":"2023-07-25T07:26:26","modified_gmt":"2023-07-25T11:26:26","slug":"gm-puts-profit-ahead-of-growth-veering-away-from-tesla","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gm-puts-profit-ahead-of-growth-veering-away-from-tesla\/","title":{"rendered":"GM prioritizes profit over growth, diverging from Tesla."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgm-puts-profit-ahead-of-growth-veering-away-from-tesla%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1981935&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>GM Lifts Full-Year Profit Guidance, Plans to Cut Costs<\/h2>\n<blockquote>\n<p>By \u200dJoseph \u2063White \u200cand\u2063 Ben Klayman<\/p>\n<\/blockquote>\n<p>General Motors (GM) has announced an increase in its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stocks-down-sharply-as-retail-results-disappoint-across-the-board\/\" title=\"Stocks Down Sharply as Retail Results Disappoint Across the Board\">full-year profit guidance<\/a>, citing plans to invest less in new\u200b products and cut operating costs by an additional $1 billion \u200bthrough\u2064 the end of next\u200c year. This\u2063 decision comes \u2063after\u2063 GM\u2063 reported a 52%\u2064 rise in\u200b net income\u200b for the second quarter, reaching $2.6 billion, \u2062with a 25% growth in revenue \u200dcompared to\u2062 the previous year.\u2062 The company&#8217;s more optimistic outlook reflects stronger demand and higher pricing than \u200banticipated,\u2063 according to Chief\u2064 Financial Officer Paul Jacobson.<\/p>\n<p>GM&#8217;s\u2064 strategy to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gm-puts-profit-ahead-of-growth-veering-away-from-tesla\/\" title=\"GM prioritizes profit over growth, diverging from Tesla.\">boost profitability includes reducing capital investments<\/a> from $11 billion \u2064to $12 \u2064billion this year and targeting an additional $1 billion in overhead, marketing, \u200dand other costs. \u2064The automaker aims to simplify operations and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/youtube-competitor-rumble-announces-major-step-in-merger-with-spac\/\" title=\"YouTube Competitor Rumble Announces Major Step in Merger With SPAC\">maintain profitability<\/a>, as demonstrated by its focus on increasing average transaction prices\u200d in North America. However, GM&#8217;s profit\u2064 margins have \u200dfaced pressure, with pretax\u200d margins falling to 8.3% of revenue for the first six months of the year.<\/p>\n<p>GM&#8217;s\u200b decisions to cut\u200d costs and\u200d streamline operations come as the \u2064automaker\u200b faces challenges\u2064 in China, \u2064its\u2063 second-largest market. While GM reported \u200ca profit\u200c of $78 million in\u2062 China, it is earning significantly less \u200dthan in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cubans-face-brutal-repression-this-christmas-following-july-protests\/\" title=\"Cubans Face Brutal Repression This Christmas Following July Protests\">previous years due<\/a> \u200dto increased\u2062 competition from Chinese EV brands \u2063and \u2064Tesla. Despite these challenges, GM remains committed to driving a fundamentally stronger company beyond 2023.<\/p>\n<p>It is important to note that GM&#8217;s new profit outlook does not account for the\u2063 potential\u200b costs of a strike by the United Auto Workers union if a\u200b new contract is not reached by the September 14 deadline.<\/p>\n<p>(Reporting by \u200dJoseph White and Ben Klayman in \u200bDetroitEditing by Matthew Lewis and Louise Heavens)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/gm-puts-profit-ahead\/attachment\/logo-of-gm-atop-the-company-headquarters\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other Business\u200d News:<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<ul>\n<li>Hunter Biden&#8217;s former business partner Devon Archer will testify before Congress while Twitter gets\u200b a facelift<\/li>\n<\/ul><\/div>\n<div class=\"entry-content\">\n<ul>\n<li>Logitech International raises \u200dsales and profit outlook for the first\u200c half of the financial year\u200b 2024<\/li>\n<\/ul><\/div>\n<div class=\"entry-content\">\n<ul>\n<li>French software maker Dassault Systemes reports 5% revenue growth\u2063 in the second quarter<\/li>\n<\/ul><\/div>\n<div class=\"entry-content\">\n<ul>\n<li>UK data regulator to examine \u200dWorldcoin, a project by OpenAI CEO \u200dSam Altman<\/li>\n<\/ul><\/div>\n<div class=\"entry-content\">\n<ul>\n<li>Legal complications may arise from Elon Musk&#8217;s decision to rebrand Twitter as X<\/li>\n<\/ul><\/div>\n","protected":false},"excerpt":{"rendered":"<p>General Motors raised its annual profit forecast, attributing it to reduced investments in new products and a $1 billion cut in operating costs by the end of next year. In Q2, the company reported an increase in net income.<\/p>\n","protected":false},"author":66,"featured_media":1981936,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1981935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1981935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1981935"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1981935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1981936"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1981935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1981935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1981935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}