DETROIT - General Motors on Tuesday withdrew its previous guidance for 2023 profits and near-term electric vehicle production as costs related to the United Auto Workers strikes jumped to $200 million a week during October.
Strike costs are now running at $200 million a week, Jacobson said. He would not discuss the potential impact should UAW President Shawn Fain order new walkouts at GM's most profitable North American factories such as the Arlington, Texas, plant that builds Cadillac Escalades and Chevrolet Suburbans, or the Flint, Michigan, heavy duty pickup assembly plant.
The delay to the electric truck expansion "will actually allow us to incorporate some of the changes and improvements that we've seen in early-stage production" and improve profit margins when the electric Silverados and GMC Sierras start production, he said. "What I would tell you is that so far the consumer has held up remarkably well for us as evidenced by the average transaction prices," Jacobson said.