General Motors Co. posted a $2 billion net profit in the fourth quarter finishing the year strong despite supply chain struggles, record prices and other disruptors.
Around $28 billion in green bonds are available globally for automakers to help fund their transition to electric vehicles.
The Detroit automaker has earmarked $854 million to prepare four plants to produce its sixth generation Small Block V-8 engine.
An economic downturn could put all automaker’s, even those making luxury autos, earnings to the test.
GM surges, peers also gain, though some see declines amid market pressures.
The average interest rate paid on a new vehicle purchase hit 5.7% in September, up from about 4% in 2021.
Two members of the U.S. House of Representatives have launched a bipartisan effort to spur legislative efforts that support self-driving vehicles.
The money will help a joint venture of General Motors Co. and LG Energy Solution finance the construction of new lithium-ion battery cell manufacturing facilities.
The company plans to delay filling some open positions after hiring 7,000 new salaried workers already in 2022.
The automaker saw a Quarter One net income of $2.9 billion, just 2.7% lower than 2021, despite $2.5 billion in increased costs as global revenue rose 11%.
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