General Motors Adjusts Electric Vehicle Production Target, Resumes Houston Cruise Operations – General Motors (NYSE: GM)

General Motors Company (NYSE: GM) resumed operations of its autonomous driving unit on Tuesday Cruise in Houston.

“We will start with human-driven vehicles and move to supervised autonomous driving with a safety driver behind the wheel in the coming weeks, guided by safety,” Cruise said in a post on X, formerly known as from Twitter.

Meanwhile, at a Deutsche Bank investor event, the company’s chief financial officer, Paul Jacobson, said General Motors now expects production of 200,000 to 250,000 electric vehicles this year, down by compared to the previously announced range of 200,000 to 300,000, CNBC reported.

“So at the lower end, and I think that reflects the momentum that we have in the business,” Jacobson said, CNBC added.

The company maintains its EV profitability target, expecting a variable profit of 200,000 units, likely in the fourth quarter of this year.

The Detroit automaker is also launching a new lineup of electric vehicles, including the Chevrolet Equinox EV starting at $35,000 in pre-incentives, and has relaunched the Chevrolet Blazer EV post-software patch, the report adds .

Earlier this morning, the company announced that it had approved a new share repurchase authorization to repurchase up to $6 billion of its outstanding common stock.

The stock buyback represents more than 10% of General Motors’ current market capitalization.

“The investments GM has made in its brands and product portfolio over the past several years, along with the company’s operational discipline, are driving consistent growth in revenue, margins and free cash flow,” Paul said. Jacobson, executive vice president and chief financial officer of GM.

Learn more: General Motors authorizes $6 billion stock repurchase – more than 10% of stock float

Price action: Shares of GM are trading up 1.42% at $48.25 at last check Tuesday.

Disclaimer: This content was partially produced using AI tools and was reviewed and published by Benzinga editors.

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