Company Reports – Page 5

GM Posts Solid Profit as It Pushes to Take On Tesla in EVs

Aiming to make a million electric vehicles a year by 2025, General Motors is investing in a Nevada lithium mine to help with battery production.

Shares in the electric carmaker continued to rally after the company reported strong profits, even amid growing competition and economic pressures.

The electric car company is facing intensifying competition, supply chain disruptions and concerns about the behavior of Elon Musk.

The price reductions in the United States will make more of the company’s electric vehicles eligible for a federal tax credit.

The company’s production was limited by a global chip shortage but it made big gains in the fastest-growing segment of the auto market.

Automakers have been hampered by the supply of semiconductors and higher interest rates.

The company’s rapid growth is expected to ease as the economy slows and demand for its electric cars weakens.

The electric truck maker said it had enough cash to fund its operations through 2025.

The electric carmaker made the announcement on the same day it reported losing $670 million in the third quarter.

The automaker is struggling with supply chain problems and wrote off its investment in a self-driving technology business.