GM cuts annual EV production forecast, approves US$6-billion share buyback plan

GM cuts annual EV production forecast, approves US$6-billion share buyback plan

General Motors GM-N cut its annual EV production forecast and announced a new $6-billion share buyback plan on Tuesday, as the automaker banks on demand from its gasoline-powered models. GM now projects the higher end of its 2024 EV production to be 250,000 units, down from a prior forecast of 300,000 units, the automaker’s CFO Paul Jacobson said while speaking at the Deutsche Bank Global Auto Industry Conference. Last year, GM outlined a $10-billion stock buyback close on the heels …