General Motors executives on Friday dismissed the gloomy growth forecasts and sent the builder's shares higher, promising investors to boost their profits for 2019 and setting out their ambitious plans for its Cadillac brand to challenge Tesla on the market. Growing electric vehicles.GM said that despite the sales of passenger cars in China, the company hopes that the profits for 2018 will exceed Wall Street's expectations and promise a higher earnings per share in 2019. The general manager, Mary Barra, Friday presented to investors his speech on cost-cutting measures that have caused threats. "Due to the actions we have been running for several years, General Motors is starting 2019 thinner, more agile and more able to take it away," Barra told investors at a press conference. the presentation in New York. The market applauded GM's forecasts, pushing the company's stocks up by almost 8%. "We are looking forward to the execution of what they have announced," said Tim Piechowski, Portfolio Manager at ACR Alpine Capital Research, which owns GM's shares. Piechowski said that GM's core business, its stake in Lyft, a driver assistance service company, and its self-driving self-driving unit are worth more than what the recent price of the car is. action of the company indicates. Tesla is "not interested in our GM staff" that GM is selling its car factory from Lordstown, in Ohio to Tesla, is "uninteresting" because Tesla is "not interested in our GM staff represented by the UAW ", according to the United Auto Workers union. While Barra met with investors in New York, hundreds of GM workers protested in Windsor, Ontario, On the other side of the Detroit River, from GM headquarters, to protest the company's plans to close its vehicle assembly plant in Oshawa, Ontario. The UAW is suing GM for shutdowns in the United States and on Friday called GM to build new electric vehicles in the US. GM's optimistic outlook coincided with new cost-cutting measures from rival Ford Motor Co, which on Thursday plans to cut thousands of jobs in its European operations and kill an experiment in driving vans. Ford executives are due to meet investors next week on the sidelines of the Detroit auto show. Barra and his lieutenants have spent the last two years promoting an exit strategy from unprofitable markets in Europe and developing markets by restructuring South Korea's deficit activities. and kill unprofitable car lines in North America. In November, five North American plants, including four in the United States, were put on notice and nearly 15,000 jobs were cut. "We are no longer investing in non – cash – generating activities," GM chairman Mark Reuss told investors Friday. "The future is fast, we are doing everything we need to do as fast as we can."
Electrifying Cadillacs This involves making the Cadillac brand "the leading edge of the company" in electrification, Reuss said. He announced his intention to launch a new generation of electric vehicles that would be "profitable … and achievable". The automaker said Cadillac would become GM's leading brand of electric vehicles and that the largest US automaker is preparing to introduce a new model under the luxury brand. challenge Tesla, a development reported for the first time by Reuters on Thursday.